Wasseem Boraie and Shaquille O’Neal want to build The Beach at South Inlet in Atlantic City. The Beach at South Inlet is an apartment complex worth $61 million dollars that will be located near the Revel Casino. The RDA approved a $30 million dollar loan to Shaq and Boraie in March of 2013.
The Casino Redevelopment Authority is expected to extend the loan expiration date. This is to give the Authority more time to review the proposal. However, after the 2013 loan approval the Revel Casino and Showboat closed. Also, the Trump Taj Mahal is struggling to stay afloat. This caused the RDA to think differently about the proposals for apartments in the South Inlet. The South Inlet is a half-vacant portion of the North end of the city.
Boraie is still ready to develop the apartments. He said his team has secured financing from the New Jersey Housing and Mortgage Finance Agency.
Wasseem Boraie is executive vice president of Boraie Development LLC. Boraie Development is a privately owned company located in New Jersey that was established in 1986. Boraie Development offers many different services. They are focused on Real Estate Development, Property Management, and Sales/Marketing. Boraie focuses on building outstanding properties and amazing customer service to their clients. They are involved in a project on Rector Street in Newark that involves a high rise with 168 units for living structures. Boraie believes in having several smaller projects in a city to help the city grow, and having apartment buildings in those cities help with that growth.
Boraie Development has a lot of experience in building apartment structures. It built a very successful high rise for luxury apartments in New Brunswick. The project was actually doubted, but Boraie Development proved the doubters wrong and helped with the growth of New Brunswick.
Boraie’s specialty is working with financial institutions, architects, and contractors that stick to deadlines to make sure that all projects are finished with success and in a timely manner. Boraie Development has an annual review is $10 to $20 million. They employ a staff of about 20 to 49 employees.