Boraie Development knows how to get big urban projects finished. Their Newark, N.J. project is no exception. The new multi-use high rise apartment building has a lot of people excited. Among those people is an NBA superstar by the name of Shaquille O’Neal, who is a major investor in the project, now known as “Shaq Towers”. Shaq is a native of Newark, New Jersey, and he is ready to help breathe new life back into his old town.
He isn’t the only one who’s excited. New Jersey Governor Phil Murphy, Newark Mayor Ras Baraka and many other dignitaries recently gathered to celebrate the completion of the final floor of the project, officially known as “One Rector Street”. Its called a topping off ceremony. The building is scheduled to be completed by the end of this year, with pre-leasing starting in October or November. The apartments are being described as luxury apartments at affordable prices, according to Omar Boraie, of Boraie Development.
According to Rutgers, the project has been a collaboration of many key players including Shaquille O’Neal, Boraie Development, Goldman Sachs Urban Investment Group, The City of Newark and the State of New Jersey who provided a $24 million dollar tax credit for the project.
This project is being called a public-private partnership. Partnerships between private and public entities are becoming more common and may end up being the blueprint for urban development in the future. Boraie Development is on the leading edge of these types of projects, and actually has another large project scheduled in the near future in Newark. O’Neal and Boraie Development have announced plans to build another 35 story skyscraper in the city of Newark, on McCarter Highway. For more details visit Bloomberg.
Getting large projects done in urban areas can be particularly challenging. But the rewards are worth the effort. New buildings bring new jobs and a sense of pride in the community. This is the first high rise building to be erected in Newark in 50 years. With another high rise in the works, Boraie Development is doing its part to bring growth and change to urban America.