Boraie Development is a company that focuses on the urban real estate market. Their services include Real Estate Development, Property Management, and Marketing. The company has established strong connections with skilled architects, contractors, and Financial Institutions. In property development business you need to be more efficient and precise. They aim at doing construction with convenience to finish their projects timely.
Boraie worked in collaboration with various other big stakeholders to erect a twenty-one story building. The building is the first high rise in fifty years to be constructed in Newark. The building is named after hometown hero Shaquille O’Neal. The 7 foot 1 inch, former NBA legend expressed that he was happy to invest in his hometown. Shaquille wants to upgrade the image of Newark, and this is just one way to do it. For more details visit Crunchbase.
According to Patch, the project was laid out to create 169 rental units. To achieve this size, the building was raised to twenty-one stories. The rental units totalled 184000 square feet and an additional 20000 square feet of rental space. Top management at Boraie acknowledged that there were good partnership and collaboration to make the building a success. The project started out with Boraie and Goldman Sachs creating the plan. They were later joined by the state and the New Jersey Economic Development Authority.
The development of Shaq Towers by Sam Boraie is a sign that Newark is developing. There was a good vibe during the launch of the building. The success indicated by the cooperation between the state and the private sector proves that it is a new trend which should be emulated. According to Boraie, the building is set to provide splendour at affordable prices. The target people are city professionals who are looking to get all the city has to offer. The construction is under the direction of Gilbane Building Company. The project is set to be exhausted by the end of the year. With all plans taking shape, the building will be full by next summer. Pre-leasing, however, starts during October and November.
Shaq towers are not the only project Boraie and Shaquille are investing in. Next up is thirty-five story building in Newark. The McCarter highway will be adjacent to the new project. It will be surrounded by Ironside Newark and the Gateway Center Complex. Shaquille revealed the project would cost 150 million dollars. Wasseem Boraie is hoping the company will get all the approvals before the year ends.