The first new high rise apartment building in Newark in over fifty years is attached to the NBA Hall of Famer Shaquille O’Neal. He joined the stakeholders and elected officials for the ceremony celebrating the completion of the project. The Shaq Tower encompasses more than a million square feet, has retail space on the ground floor and 169 rental units.
The ceremony included appearances from Boraie Development. Boraie provides services in real estate development, sales, marketing and property management. Their team is committed to building spectacular properties while providing clients with unparalleled service. Also appearing were Newark Mayor Ras Baraka, Governor Phil Murphy, Acting Deputy Mayor Carmelo Garcia and the Managing Director for the Goldman Sachs Urban Investment Group Margaret Anadu. The $79 million complex is scheduled to open near the end of the year.
Boraie Development a track record of thirty years. They are one of New Jersey’s most sought after developers. They use a combination of their own capital and large commercial banks to fund their projects. These projects attract financial partners, residents and tenants who appreciate their commitment for the future. Wasseem Boraie called their latest project a modern example of private and public companies working together. He stated the project would not have been possible without the city of Newark. He believes they have set a new tone with their partnership. Check out re-nj.com
According to NJBiz, the project is both a stepping stone and a milestone for the city. The day was special for New Jersey and Newark because it symbolized the rise of the city. This type of project is personal for Boraie Development and Shaquille O’Neal. Shaquille was raised in Newark and spoke of his love for the city. He said he was visiting some relatives with his mother in 1992. He remembered his mother talking about when the city was so beautiful. She said somebody had to do something to bring the beauty back to the city. He talked about the way she looked at him when she elbowed him in the chest. He felt like he was that somebody.
Shaquille O’Neal gave the city and Boraie Development his thanks for the efforts they put into the project. Boraie Development has already teamed with Shaquille O’Neal for the next big project for Newark. This will be a 35 story building in the center of the city. The building is going to accommodate 350 units. This represents another investment for Newark totaling $150 million.