A New Jersey firm has initiated a housing project in Atlantic City. During the recession, Atlantic City was arguably one of the worst hit crippling growth. This led to a deterioration of the gaming industry immensely. However, on a more positive side is the fact that this move paved the way for more real estate projects to thrive.
According to Patch, the project is set to be complete by summer by Boraie Development. Named The Beach at South Inlet, the project will have a total of 250 units. The complex is worth an approximate of $81 million. This is a project which will see the city have the first market-rate housing project in the last 25 years.
Its location is centrally positioned as it will be surrounded by Pacific, Connecticut, Atlantic and New Jersey Avenues. Some of the exceptional social amenities will include a gym, an indoor residential lounge, and a swimming pool.
The city is set to continue growing as more structures come up. The President at Boraie Development, Sam Boraie is convinced that urban housing is what the newer generation of clients prefers. The Beach at South Inlet is bound to serve a larger population of people who work in Atlantic City.
Research has been done, and a discovery made; that over 50% of the houses in the city are more than 40 years old. This project is one that will bring a modern touch to the city and open up its growth potential. With such a move, Atlantic City is poised for more developments in the industry as more firms will come up with mega projects.
Based in New Jersey, Boraie Development specializes in the real estate industry. When starting out in, the company began planning on how to develop New Brunswick. They have been in business for over four decades. The company started by buying vacant, forsaken building in Albany Street which they later developed into the Albany Street Plaza Tower One which comprised of office spaces. Later on, they built Tower Two adjacent to the previous tower.
As a bid to grow the town, Boraie Development built the One Spring Street Condominium which was 25 stories. One of the key features was the 400-space parking garage and outdoor space which was suitable for a barbecue. The company’s head is Omar Boraie, seconded by Wasseem who is the vice president. Omar believes that luxury apartments are what will keep the town growing. Check out his website boraie.com