It is great news for the residents of Newark as they get to have a skyscraper built in their town courtesy of NBA Legend Shaquille O’Neal. The building is making headlines for being one of its kind in more than 50 years in Newark. The building has been named “Shaq Tower” after the legend himself, Shaquille O’Neal, and he joined several other stakeholders and officials in a ceremony to mark the completion of the construction phase. The building is located in the downtown area of the city. According to city officials, after its completion, the skyscraper is believed to occupy about 1,000,000 sq. Feet and will hold around 169 rental units. At the same time, the tower will have a huge space on the ground floor that will act as a retail space. The ceremony was also attended by great people including Phil Murphy, the Governor, Ras Baraka, Newark Mayor, Carmelo Garcia, the Director of Economic & Housing Development, and the Acting Deputy Governor among others. Omar Boraie disclosed to the public through New Jersey Advance Media that the skyscraper will be opened before the end of the year and lease applications could be done by September.
According to Rutgers, the fascinating project is an initiative between private and public investors. This includes O’Neal, Newark City, Boraie Development, and the renowned Goldman Sachs Urban Investment Group. About 24,000,000 USD was channeled to the project through the NJ department of economic development. O’Neal also added that he has plans to invest in several real estate projects that will take the town a notch-higher. He revealed that during one of his visits to his relatives with his mother, she exclaimed how beautiful the city used to be years back and that someone needed to bring its glory back. O’Neal felt that he was that someone and thus, his efforts to make his mother’s dream come true. For more details visit Bloomberg.
The skyscraper is said to have around 21 stories and is one project of a kind in more than 50 years. During the topping off ceremony that was attended by various city officials, Wasseem Boraie said that great and successful projects are as a result of the joining of hands by both the public and private investors. At the same time, O’Neal said that Boraie Development is the best choice for development projects. Boraie continued to say that the housing units will be quite affordable for everyone.