Newark, New Jersey is the first skyscraper building in more than 50 years in the state of New Jersey. The apartment structure is named after the sports fans attached to it, Shaquille O’Neal. In the recent past, the Newark residents and NBA Hall of Famer joined the elected officials as well as other stakeholders for an exclusive event held at One Rector Street, also known as Shaq Tower. The top event symbolically marked the end of the main construction project, found in the downtown part of the city. Once finished, the Shaq Tower will hold ground-floor retail space, 169 rental units as well as a million square feet space.
The high-end event also saw the attendances of Governor Phil Murphy, Margaret Anadu, the Urban Investment Group head, Boraie Development, Ras Baraka, the Newark Mayor, Goldman Sachs Urban Investment Group Managing Director and Carmelo Garcia, the Acting Deputy Mayor and Director of Economic and Housing Development.
According to Rutgers, the building worth $79 million is scheduled to open before the end of the year. The residents will be able to apply for leases from September 2018. The project is a private-public partnership between O’Neal, the state, the city of Newark, Boraie Development based in New Brunswick and the Goldman Sachs Urban Investment Group. According to NJBiz.com, this project received a total of $24 million from the Economic Development Urban Transit Hub Tax Credit in New Jersey Department.
O’Neal also announced the company’s plans to invest in a 35-story building along McCarter Highway, worth $150 million, which will be a one-two combo that he anticipates will play a role in revitalizing the landscape of real estate of his hometown.
Boraie Development offers an array of services centered on all sections of metropolitan real estate market: managing property, development real estates and marketing and selling real estates. The company is committed to building stunning properties as well as offering unparalleled service to their customers. Managing their properties is a crucial part of the company’s strategy. Check out Yahoo to see more.
Boraie Development also maintains its properties with excellent detail and carries out physical enhancements on an on-going basis. The company’s local sales team works together impeccably with property management and real estate development to understand the principal residential and commercial factors for all developments in the firm. Omar Boraie concentrates on developing projects that attract financial partners, tenants, and residents who eventually commit to a longstanding relationship. The development and acquisition properties of the company are usually marketed to meet the rising demand for housing estates.