For over 50 years, Newark has not had a project of high-rise housing until the recent one that Boraie Development put up at the downtown of the city in 1 Rector Street. This project will have 169 units to rent in 21 stories adding up to 184,000 square feet. On Tuesday last week, a ceremony for the top-off project was held in the Shaq Towers. It bears the name of Shaquille O’Neal, a former football star. In attendance at the ceremony included Shaquille O’Neal, Ras Baraka Newark Mayor, Phil Murphy the Governor, and developers of Boraie; Omar and Wasseem Boraie.
Wasseem, Boraie’s Vice President viewed the project as a great example of why private, and public entities must partner to make bring progress to urban centers. Much gratitude is to Newark City for their cooperation during the partnership to achieving the project. Their partnership was one very mutual unlike the notion that the public should pay for services offered by the private sector. The partnership also involved Goldman Sachs from the Private sector. This private-public partnership has proved to be successful he urged that they get adapted for other New Jersey Projects.
Phil Murphy appreciated the project stating that it was quite a milestone for the city and a stepping stone to more projects. In the celebration, he said that on that day, New Jersey and Newark were celebrating their success rise. Newark City’s flight is really undeniable. He added that the success of smaller cities go hand in hand with that of big urban areas and so is the case for Newark City and New Jersey. You can visit wsj.com
Shaquille O’Neal spoke last but stole the whole show. To him, the project was more personal than private or public. He remembered that his mother had earlier told him that the city had earlier been beautiful and that somebody needed to give it that life again. She then gave him a big chest elbow as if he was the one to bring the change. With its completion set for end of this year, he thanked the city and Omar Boraie for their efforts. For more details check out centraljerseyworkingmoms.com
Shaquille O’Neal and Boraie Development also announced their City’s next project during the ceremony. It was a mixed-use project of 35 stories to be erected on McCarter Highway, the city’s heart. It will represent $150 million into the city’s investment having 350 units. Wasseem Boraie stated that the project had just began and they were hopeful that it would be operational in 2019.