NBA legend Shaquille O’Neal is giving back to his native hometown of Newark, New Jersey in a big way. The top floor of his new retail and apartment building located on Rector Street was just completed and O’Neal was there for the occasion. The new building should prove to be a huge boost to the local economy in a city that has struggled over recent decades. This building goes a long way towards providing a revitalized look to the area and sits near both the Hahne & Co. building as well as the Performing Arts Center of New Jersey. Newark’s Mayor Ras Baraka has emphasized that entrepreneurs like O’Neal becoming involved in projects like this is often the only way they end up happening.
According to patch, O’Neal’s new tower complex is the first one of its type in Newark in over fifty years. The overall cost of the project was in the neighborhood of $79 million. The twenty-one story structure will contain 169 units and has been developed by real estate firm Boraie Development. Officials from Boraie emphasize that the assistance the company and Mr. O’Neal have received from the city of Newark in getting this project up and running has been invaluable. The state that Newark was in has been a topic that has been on Shaquille’s mind for a number of years and this project offers a perfect opportunity to take action. O’Neal has emphasized that he has always felt a need to do something to help revitalize his hometown. Projects like this have been on his mind as far back as 1992 when he first gained financial success from his NBA career.
Based out of New Brunswick, New Jersey, Boraie Development LLC is a real estate development firm that focuses on the area of development within the urban market. The company prides itself on working side by side with the top financial partners and the top architects to deliver truly ground-breaking and visually pleasing development projects.
Boraie Development has had other big development news recently. NJBIZ recently reported that the company is behind the fabulous new residential building in Atlantic City, New Jersey that is being hailed as the first of its kind in decades. The project consists of a 250 unit complex that is in the range of $85 million in total costs. This project serves as further proof of the resurgent attitude present in Atlantic City and the apartments will be ready to take on occupants by August of 2018. You can visit boraie.com for more details.
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