Bringing the projects home to Newark is a challenge, notes Wasseem Boraie of Boraie Development LLC, but the city is playing it smart with this plan. Boraie Development is building a high rise with 168 units in down town Newark. Boraie goes on to state that the multi-project model was successful in New Brunswick, New Jersey. Back in 1972 Omar Boraie had a vision to revive New Brunswick. City officials asked him if he was crazy, but Boraie went ahead with his plan, and brought new growth and new life to the ailing New Jersey city.
Mr. Boraie, founder of Boraie Development LLC, started with one office building, but then realized that without residents the project would fail. Acting on his insight, Mr. Boraie built a twenty-five story New York City style apartment building. In two months after completion the building was full. His son Wasseem is bringing this same vision to Newark.
It’s believed by real estate moguls that this project will draw high powered real estate investors to Newark to fund the projects. The city is now hopeful that over the period of a few months the influx of capital will start to flow into the city to get the plan off the ground. The summit drew real estate investors from around the country, so Newark’s outlook is positive about redefining the city’s future.