Boraie Development LLC is completing an $81 million complex in Atlantic City, New Jersey called The Beach at South Inlet. Slated to open next summer, the project is the first market-rate development in Atlantic City in over 25 years. The project, with its 250 new apartments, has people optimistic about Atlantic City’s growth after a 10-year period in which the resort city’s gaming industry has been crippled by casino closings there and neighboring states opening new casinos. However, some see the casino closings as a right-sizing of the city’s gaming industry and the development of nongaming investments like Atlantic City’s Gateway Project as a stabilizing force. For more details visit Crunchbase.
The complex being built by Boraie Development is providing modern housing stock in a city starved for it. Research shows over 60% of Atlantic City’s housing stock is more than 40 years old. The new project will have a pool, a gym, residents lounge and many other modern amenities designed to meet the needs of the next generation of people looking for good rental properties in the resort town. About 50,000 work in Atlantic City. This new project will serve many of them. This new investment is just one part of the new future that is being charted in Atlantic City.
Founded in 1972 by visionary Egyptian scholar Omar Boraie, Boraie Development LLC has been committed to rebuilding New Brunswick and other neglected cities throughout New Jersey for over 45 years. Omar Boraie had witnessed first hand the rebuilding of Europe after World War II and was convinced the same thing was possible in New Brunswick and other cities throughout New Jersey that had fallen into disrepair due to the riots in the 1960s and benign neglect. When Omar Boraie first shared his dream for revitalizing New Brunswick, he was laughed at and dismissed as a dreamer. Today, Boraie Development is bringing economic growth and new life to cities all over New Jersey.
With projects like The Aspire in New Brunswick, partnering with Shaquille O’Neal to build a historic $61 million complex in Newark and their housing and retail development in Atlantic City, Boraie Development LLC has shown their commitment to the growth of New Jersey and made Omar Boraie’s vision a reality. While others were abandoning the downtown areas in cities throughout New Jersey, Boraie Development was investing in them. Today, they are one of the architects of New Jersey’s very bright future.
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