Shaquille ONeal and Wasseem Boraie are teaming up to bring luxury apartments to Atlantic City. Within the next few weeks, they will find out if they will receive an extension on the loan expiration date. The loan for the project is an estimated 30 million. This extension will allow the Casino Redevelopment Authority more time to evaluate their housing proposal and see if they can move forward with it.
This project has been in the making since 2013, but certain changes to the Casino landscape has put the plans on hold. First, the Shutter and Revel closed, which were two casinos that would be near the apartments. Then, Trump Taj Mahal was planning to open, so the new landscape didn’t make it hospitable for a new luxury apartment complex. This luxury hotel could detract from the apartment development.
This project could revitalize a part of Atlantic City and help the community. The development project would be in a neglected part of the city, the north end. The deadline will give the RDA a chance to re evaluate the project and give it the go ahead.
Wassam Boraie is the Executive Vice-President of Boraie development, a company which focuses on Urban Development mainly in New Jersey. He helps to run this privately owned Newark, New Jersey-based development firm that was first established in 1986. The company currently nets an annual income of 10-20 millions and employs a staff of 20-49 people. He is working diligently with his staff to help revitalize the New Jersey area.
Boraie has hoped to help the area for some time. Instead of focusing on one large project to help the economy, he has moved forward with several smaller ones to help spur the economy in the area. His ideas are being praised by city leaders and other developers are helping as well. Richard Tucker has brought a smaller project to Springfield to increase residential homes in the area. The company has experience with helping urban areas, because they had a similar situation they helped with in New Brunswick. These smaller projects could help increase luxury homes and bring jobs to this area of New Jersey.