How Boraie Development Turned Around A Dead Market In New Brunswick, NJ
Boraie Development has been a family-owned real estate development company since the early 1970s and they’ve worked hard to bring several areas of Newark, New Brunswick and Atlantic City back to life both economically and in home ownership and rentals. Many of New Jersey’s cities have realized they need to update their buildings, some of which have been around for more than five decades in order to encourage commerce to pick up in their municipalities. Boraie Development and its executives have noticed how the neighboring Burroughs of New York City have attracted in the millennial workforce by having various accommodations in their properties, and they’ve introduced those same amenities to their properties.
When Omar Boraie, the founder of the family company first came to the US, his plan was to obtain his doctorate at Rutgers University and pursue a career in chemistry. But while searching the city of New Brunswick for a home, he saw much of it falling apart and in need of new housing and commercial properties. He decided he could get into financing construction of these new buildings since nobody else was going to do it, and most of the city leaders who heard about this told him he would never succeed. But he went through with it anyway and those leaders would find out they were wrong.
According to statetheatrenj.org, Boraie chose a block on Albany Street that he decided to start building at first, and he took an old building with a parking garage and turned it into the Albany Street Plaza’s tower one. About 15 years later tower two was completed, and the plaza became a new business center in New Brunswick. The next office and retail space Omar Boraie had built was 390 George Street which has 8 stories of 60,000 square feet, and they would soon expand their retail property developments into Newark when they partnered with Shaquille O’Neal to open the CITYPLEX 12 space.
The key housing spaces that Boraie Development has opened are One Spring Street, The Aspire and currently the Beach at South Inlet in Atlantic City. They were one of the first companies to take the model of Manhattan-style high rises and bring them to New Brunswick and it began with the 25-story building at One Spring Street, but they also brought it to One Rector Street in Newark. But these properties are only the beginning to the plans to keep building New Jersey’s cities up. Read more on Re-nj.com.