What The Significance Is With Boraie Development’s Beach At South Inlet Property
Boraie Development decided to do the unthinkable again, and this time their latest criticism came from their decision to build a 250-apartment property known as the Beach at South Inlet in Atlantic City, NJ. According to Patch.com, this decision was scrutinized because Atlantic City has been a place that most real estate agencies have said is only where the casino owners live and it just doesn’t have the demand for housing. But Sam Boraie says quite the opposite is true because in recent years the city has actually had some casinos close. This actually is a good thing Boraie says because now the property prices will return to normal and developers can invest in market that actually does need more housing. Boraie says the new Beach at South Inlet should stimulate the local housing market.
Boraie Development has bought properties mostly in the residential markets, but they also own several retail and office space lots. It was Wasseem’s father Omar Boraie who came over from Egypt and started the company. The city of New Brunswick, where the company is headquartered was going through a lot of trouble when Boraie first arrived, and he decided if nobody else was going to try and make a change to its landscape, he would. So he started buying various properties beginning at the Albany Street Plaza where he took an old abandoned lot and had two towers built there. This is the project that ignited the city of New Brunswick to having more of a business flow today, and Boraie Development would duplicate this feat when they bought up a commercial property in Newark now known as CITYPLEX 12.
Boraie Development really hit their stride when they completed construction of a high-rise at One Spring Street in New Brunswick. What was remarkable about this feat was that it was a massive 25-story high-rise that most people said was just too big for the city and didn’t match what consumers wanted, but they were wrong again. This condominium sold out very quickly, and in the years following this Boraie Development had two more high-rise apartment centers built at One Rector Street in Newark and again in New Brunswick at The Aspire. One of Omar Boraie’s strengths as the leader of the company has been to leverage his vision with his understanding of financial returns, but it’s also because he has said by his own words that he just is never affected by criticism. Boraie also has close ties to Rutgers University where he earned his doctorate’s degree in chemistry and also gave over $1 million to genomic research, and the university awarded him the Omar Boraie Chair in 2013. For more info, visit crunchbase.com.