Boraie Development Says Beach At South Inlet Dispels Five Myths About The City
One of Boraie Development’s biggest apartment projects is the $81 million Beach at South Inlet in Atlantic City, a project that began late in 2016 that has brought some of the finest oceanfront apartments to the area. Wasseem Boraie, the Vice President of Boraie Development says this project is actually gaining positivity in a community that was said to be dominated by gambling and casinos, and it goes to show that five myths about Atlantic City are wrong. The myths are that Atlantic City is a place developers don’t want to go, it’s a place where nobody lives, it needs a “radical” change to its economy, it needs a giant idea brought to town and of course the biggest being that it needs a public train system brought to town.
Wasseem Boraie says the real problem is that land in Atlantic City has been overpriced, and just as New Brunswick saw its values rise when Boraie Development first started building there, the values will ease down in Atlantic City as it becomes more real estate friendly. He also says the city really has not had as much rental properties there to match the rental demand as has been needed, and he believes the new Beach at South Inlet will help meet that demand. And as Atlantic City is an oceanfront city, Boraie says it doesn’t need a public transportation boom as much as just taking care of the little things in the neighborhood and getting cleaned up.
Wasseem Boraie is the son of Omar Boraie, the founder, president and Chairman of Boraie Development and its Boraie Realty subsidiary, and he’s made the company into one of New Jersey’s top commercial and residential real estate holders. Its properties vary from 25-story high rise units with thousands of square feet in space, to family homes, town homes and condos. The company primarily operates in New Brunswick, but it has taken up downtown projects in Newark and Atlantic City is the latest place its branched to. Check out their website boraie.com
According to Rutgers, Omar Boraie, a former chemistry student who decided to get into real estate upon seeing the dying market in New Brunswick was told it was a waste of time and money to even consider building there. But when Johnson & Johnson decided to stay in town, he determined he could do it. His first two projects to bring in revenue to the city were the Albany Street Plaza and One Spring Street. Today the company portfolio includes more high-rise buildings like One Rector Street and The Aspire, and commercial development projects like 390 George Street and CITYPLEX12. Boraie Development’s investments have not only gained the backing of personalities like former NBA star Shaquille O’Neal, they’ve also picked up partners like Rutgers University and other development corporations in the area.