Boraie Development is already known as one of the most prominent real estate companies in New Jersey, but add the star power of NBA icon Shaq O’Neal, and the attention is huge.
That’s why the business team of Shaq and Boraie is golden and a pair who makes things happen, especially when it comes to major urban renewal projects like The Beach at South Inlet.
The plan wears a $61 million price tag designed to build a gorgeous 250-unit apartment complex with an outdoor pool and luxury surroundings near the neglected north end of Atlantic City, just steps away from the famous Boardwalk and Atlantic Ocean.
The problem has to do with a loan extension, and the extra time needed by the New Jersey Casino Redevelopment Authority to see if the green light for Shaq and Boraie is a sound one, considering the apartment complex would be close to the vacant Revel Casino.
According to PhillyMag published through the New Jersey Stage, the $30 million loan to the Shaq/Boraie dream team did initially win approval back in March of 2013 by the RDA. However, the loan was held back, so that further examination of the project could be done.
The team is raring to go and just needs this final step approved, so they can begin the exciting urban revitalization of Atlantic City. In a press release, Wasseem Boraie appears to have all his ducks lined up in a row, stating that he and Shaq have secured outside financing for The Beach at South Inlet project from the New Jersey Housing and Mortgage Finance Agency.
The successful real estate developers have a long string of urban commercial and residential buildings across the Garden State that have encouraged new residents and an economic vibrancy to those areas.
Boraie Development is probably best known for turning the college town of New Brunswick around with its The Aspire, luxury apartments/condominiums in the heart of the city, mere steps from the New Brunswick train station.
Shaq and Boraie just want to play in the game and get things moving for The Beach at South Inlet.
It’s your move, Casino Redevelopment Authority. Learn more about Boraie Development: https://twitter.com/boraiedev