An $81 million complex by Boraie Development is set to change the skyline of Atlantic City. The project boasts 250 new apartments, making it the city’s first market-rate development in more than 20 years.
The project not only injects new life into the city but also signals good tidings in the Atlantic’s property markets. For the last couple of years, the city’s development has substantially stagnated, partly due to the closure of casinos which choked the gaming industry. It however turns out that the closures were a blessing in disguise as new nongaming investments shape the future of the city.
Accordiing to Patch, the project known as the The Beach at South Inlet, will bring to the city amenities including a pool, gym and residents lounge. Boraie noted that the modern tenants know what they want, making them extremely choosy. The development reflects the company’s acknowledgement of the city’s aging residential units, given that more than 61% of them are over 30 years old.
The building which will serve more than 50 000 sits on a yard bordered by Atlantic, Pacific,New Jersey and Connecticut avenues .It occupies upto 4acres of land and is scheduled to open next summer , with Atlantic city’s mayor-elect Frank Gilliam expressing his optimism that such projects will uplift the city’s look.
Boraie Development is the brainchild of 73-year old Omar Boraie who sits as the president. Established in 1972, Boraie Development LLC has been instrumental in shaping the properties market. In Brunswick where it is headuarted, Mr.Boraie explains the phenomenal journey, pointing out that Brunswick was a quickly fading area when they started out in 1972. Mr.Boraie takes pride in the input that his company has had in transforming the New Brunswick to the city it is today. Boraie gradually acquired 21 one houses that had been left vacant and forwarded a plan to the city for redevelopment. As they say, the rest is history. Borie is a visionary man whose contribution to the property industry will continue to influence the next generation of developers. Visit his website boraie.com
With its financial restructuring plans, partnerships and acquisations, Boraie Development aims at making a mark in each of the markets it has an interest. The company’s portifolio runs through cuts across residential, retail and mixed use entities.