Shaq to build Apartment Complex in Atlantic City?

Shaquille O’Neal, former professional basketball player and 4 time NBA Champion may be considering building an apartment complex in Atlantic City. Along with Wasseem Boraie, Shaquille O’Neal plans to seek a 30 million dollar loan to assist in the building of this apartment complex.

Boraie commented on the news, saying, “Our Team has secured outside financing for the Beach at South Inlet Project,” the name of the would-be apartment complex. He continues, “We look forward to working closely with the Casino Reinvestment Development Authority to make this happen in a timely manner.”

O’Neal and Boraie plan to position their apartment complex next to the now defunct Revel Casino. The Revel closed its doors in September of 2014. Along with The Revel, a majority of this area of the city is vacant and neglected by the city.

Wasseem Boraie, executive vice president of Boraie Development, a company that was created in 1986, believes that projects like this, along with similar projects going at once, are key to revitalizing and reinvigorating the area. In the past the city has only focused on one large scale developmental project at a time, Boraie claims. He praises current city management for taking an approach to allow several smaller scale project to be in work at the same time.

Along with his father, Omar Boraie, the founder of Boraie Development, Wasseem has been putting his efforts into the revitalization of New Jersey for years. Aside from the planned project along side Shaq, Boraie has several other projects on his plate. The Aspire was launched in early 2015. Contained within are 238 residential units. The Aspire is mere steps away from the New Brunswick Train Station, providing a convenience to its residents. Along with the Aspire, across the street is the Albany Street Plaza. Completed in 2004, the two tower building is host to several retail businesses. The building boasts over 250,000 square feet of total floor space.

If The Beach at South Inlet comes to fruition, Boraie hopes for it to be the home of 250 residents once it is to capacity. The complex would be with-in walking distance of the ocean and its accompanying boardwalk, making for a luxurious place to live.

Read more: http://bitsylink.com/2015/08/07/newark-to-benefit-from-tested-real-estate-model/