Boraie Development: Building the One Rector Street

Boraie Development and Shaquille O’Neal signed a partnership contract that will be constructing one of the newest developments in the city of Newark. The city of Newark is the largest city in the state of New Jersey, but they slowed down in economic development during the 1960s. The city government of Newark recently announced that they would be working with the Boraie Development to spur growth around the city. This would mean more building construction that would get the attention of investors from other cities. The first wave of these developments is already being seen within the city center. The One Rector Street, also known as the Shaq Towers, is one of the first buildings to rise in the city for more than 50 years. It will change the skyline of Newark forever, and Shaquille O’Neal felt happy that his hometown is finally receiving its long overdue makeover. He is one of the major contributors to the project, and he funded the towers in partnership with Boraie Development.

 

 

Recently, Omar Boraie – the founder of Boraie Development – attended the topping off ceremony of the One Rector Street. The finished building was 95 meters high, with 21 stories. There is also ample space for 169 office and commercial establishments, or even residential apartments. The city government of Newark thanked Omar Boraie and his company for making the construction of the tower possible. According to Omar Boraie’s Yahoo interview, the One Rector Street will serve as an icon to the rebirth of Newark, and it will be the beginning of new age for the citizens of the city.

 

 

The Boraie Development also revealed on Bloomberg the plan to build a 35-story building in downtown Newark, as everyone is celebrating One Rector Street’s topping off ceremony. Boraie Development stated that they would want to change the skyline of Newark, and more skyscrapers are set to be built around the downtown area. Newark is only one of the few cities that are currently undergoing a major transformation, care of the Boraie Development. Other cities, such as Atlantic City and New Brunswick, are also experiencing the same changes. In Atlantic City, hundreds of apartments will be built by Boraie Development, hoping to attract people living far away from the city center to live in the downtown area. They are also rebuilding entertainment centers, hoping that they could restore the entertainment city status of Atlantic City that it once enjoyed in the past.

 

 

http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html