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.
Sam Boraie, Omar Boraie’s son, is the vice president of the Boraie Development Company alongside his younger sister and elder brother. Omar Boraie was born in Egypt and relocated to the United States where he attended college. He is a real estate investor/developer, and the architect and Chief Executive Officer of Boraie Development. Sam has served in the family business for many years, with his primary focus being establishing new development destinations.
Boraie Development is classified by the Wall Street Journal among the leading development firms in the North-Eastern part of the United States. This New Jersey-based company has invested a significant ton of its exertion in the areas of New Brunswick. It began developing in this area five years ago and has as of now, developed a strategic plan to entirely revitalize the New Brunswick city. Up until now, they have established multi-purpose amenities that have allured new small businesses and residents to New Brunswick in retail, office space and apartments. Boraie Development has also played a major role in the replenishing the areas of Atlantic City that is in the recovery process from the commercial/economic deterioration.
Some of the Boraie Development Company’s concluded projects are; The Aspire, which is an apartment tower with 238 units located in close proximity to New Brunswick’s train terminal, and “The One Spring Street,” also located in the New Brunswick city. The last-mentioned is 25-story high and includes fully occupied residences, a health centre, and roof deck among other amenities.
According to Yahoo’s report, another project is The Beach situated at South Inlet, Atlantic City that has 250 residential homes/units. In Newark, Boraie Company developed the Albany St. Plaza that features 250,000 sq. ft office space plus 20,000 sq. ft retail space.
The already completed projects by the company are just but the beginning of the plans for rebuilding the city. They have a lasting scheme that will guarantee a continuous growth of the city.
Beyond developing facilities of their own, Boraie Development is also associated with partnerships that foster elsewhere. It has an impressive record in collaborating with knowledgeable real estate investors and asset managers that establish, maintain, and sell super quality projects in many communities situated across the nation.
Besides dedicating plenty of his time to their family business, Sam Boraie also takes part in various charitable causes. An example of his greatest outside affections is the New Jersey’s State Theatre where he is a trustee alongside other several local business people.
Being a local cultural aspect, State Theatre puts on numerous different productions yearly in a number of cities in New Jersey such as New Brunswick. It relies densely on charitable aids, which come mostly from either Boraie family, Sam, or the Boraie Development Company.
Sam also plays a major role in Elijah’s Promise, which is a charitable institution whose main aim is to discontinue the poverty cycle in communities located across the New Jersey state. The top goals of the company include; terminating hunger, providing healthy and safe foods, establishing businesses that stimulate social prosperity and empowering people to look and sustain all-right employment. Sam is among the organization’s key Directors, and he actively takes part in the planning process for future objectives.