Boraie Development Revitalizes New Jersey

 

According to Housing Wire, New Jersey has been slow to rejoin the Great Recovery. While struggling with slow job growth, high taxes, and the collapse of the real estate market, New Jersey was hit by two devastating storms: Irene (2011) and Sandy (2012) costing residence $1 billion and $30 billion respectively. Revitalizing the economy and the state’s real estate market has certainly been a challenge, but Housing Wire also notes that the state is set for a new real estate boom.

One key player in this revitalization is Boraie Development. Boraie Development LLC is undertaking projects in Atlantic City, New Brunswick, and Newark, among other New Jersy cities. Much like the New Brunswick office Boraie Development now occupies, the company specializes in turning overlooked properties into luxury accommodations.

In Atlantic City, Boraie Development is taking part in the transformation of the South Inlet into the Lighthouse District. The plan includes complimentary business and residential development. For its part, Boraie Development is committed to build a 250-unit apartment complex. With the expansion of Richard Stockton College by fall of 2015, the area is positioned for growth.

Boraie Development is also working with Shaquille O’Neal to bring life back to Newark’s fading downtown area. Together they transformed the old theater on Springfield Avenue into the CityPlex12 Newark. The development team has also begun construction on downtown Newark’s first residential tower in over 50 years. With a price tag of $60 million it is quite an investment in the future of the city. 

These are not new ventures for Boraie Development. The developers have built more than 100 million square feet of commercial and residential property in New Jersey over the past decade. The combination of business and residential space appeals to the pre-married millennials who are starting to invest in their first homes. The development team recognizes that a community is comprised of more than just work and living spaces. A community thrives on culture, and Boraie Development is willing to do its part there as well. 

After the financial pinch New Jersey felt in the economic downturn, the brown development in struggling communities throughout the state leaves New Jersey poised for a healthy surge in the real estate market. Boraie Development is proud to be part of that process.