Boraie Development is in charge of a project that will bring to Atlantic City its first market-rate development in a quarter century. The Beach at South Inlet is a $ 81 million complex compounded by 250 brand new apartments in a lot surrounded by Atlantic, Pacific, NJ and CN avenues. This brings a pinch of light for a city that has become accustomed to bad news in the past 10 years when the closure of casinos and resorts were common in the World’s most famous playground. The City seems to start evolving from its gaming past to new types of investments like the one brought by Boraie. This will provide Atlantic City with a much-needed modern housing supply since around 61 percent of the city’s houses are older than 40 years. As Boraie’s Vice President, Wasseem Boraie said to the press: “new generation of renters knows what they want,” and he also said the complex will include different facilities such as gym, pool and lounge.
Omar Boraie sees this as an exciting opportunity to get in a whole new market, “We felt (there were) going to be incentives for those developers willing to take a first-mover risk,” he says. “That’s what we do. In every market we’re in, we’re first.” It will be an immense task for the real estate moguls since the place where they plan to build the complex is one of the most consistently unfruitful areas in AC, as all the surroundings of the empty Revel Casino-Hotel looks like they came out from a Western or a post-apocalyptic movie. Check out their website boraie.com
But Boraie loves challenges, as he believes the city is evolving “from more of a cowboy economy to a more diversified economy (…) which you need for sustainability” as he cites examples like AtlantiCare, the William J. Hughes Technical Center, the future Bass Pro Shops, the soon-to-be renovated Pier Shops, and Richard Stockton College as important investments for the revival of Atlantic City as it now has a lot of well-remunerate employments not coming from the gaming industry. This causes a window of opportunity for Boraie as there’s a need for comfortable multifamily housing and the 250-apartments complex they have started responds to that demand. The future seems promising for both Boraie and Atlantic City. The Vegas of the East is coming back… Reloaded.
See more: http://www.boraie.com/company/