Spurred by previous large scale successes in New Brunswick, real estate developer Omar Boraei, president of Boraie Development compared that project with the planned development in Newark. This was reported in a recent publication of NJBIZ.
Boraie Development has taken an alternate route with their highly successful development in New Brunswick 40 years ago. The feeling was that the project was destined to fail.That endeavor faced the same challenges that Newark faced, but proved to be a rousing success. That success changed the way money should be spent when rejuvenating a city.
Rather than invest in a single massive housing structure, developers will instead design multi unit Class A buildings that when completed will have an impact much larger than one huge structure might generate.
Boraie Development has gone on record in favor of this type of plan. Their reasoning states that the impact of a larger, more extensive housing project built simultaneously, will have a major impact on the public’s perception and acceptance of a true renaissance in the city. Furthermore, it will encourage more spending on infrastructure and amenities to help draw a continual rush of new residents to the city.
New Brunswick was the model and inspiration for Boraie Development and other key developers to move forward in Newark. Currently there are ten individual multi building Class A projects underway or in the advanced planning phase. The Boraie team has a 16 story housing unit underway in the heart of Newark. the initial structure in their multi unit development.
When completed, the scale of these large upscale residential units is expected to generate much interest and a wave of new residents to the state’s largest city. Expectations are high. For the first time, the city of Newark sees a brighter future and a true renaissance for their city.