The Press of Atlantic City recently reported that a new 250 unit apartment complex is being worked on in that city. It is going to be Atlantic City’s first market-rate development in a quarter of a century and will bring some much-needed housing. The project is being built by New Brunswick, New Jersey-based Boraie Development LLC. Once it is completed next summer it will be named The Beach at South Inlet. The construction costs are $81 million and the lot is already under development. It will be contained within Pacific, Atlantic, Connecticut, and New Jersey avenues.
Atlantic City has been on a decade-long slide. Too many casinos had been built in Atlantic City and they were all competing with each other as well as casinos in other states just across the border. This led to most of the casinos ending up going bankrupt which decimated other industries in this city. Experts say that the number of casinos in Atlantic City is now sustainable and the city is once again growing as new industries come in. Check out pressofatlanticcity to see more.
Vice President Wasseem Boraie of Boraie Development said that millennials want modern amenities, something that most apartment complexes in Atlantic City don’t offer because they’re very old. He said people want things like a pool and gym to work out in and The Beach at South Outlet will offer them as well as a residents lounge. For more details visit Crunchbase.
Boraie Development was established in the early 1970s by its founder, Omar Boraie. His firm’s focus is on developing new properties in the downtown core of cities. His company develops the buildings by taking out bank loans and partnering with architects and those in the building trade. Once the building his complete they manage the property and handle all of the sales and marketing required to get occupants in it. Most of their projects to date have been in New Brunswick but they also have an ongoing project in Newark in addition to the apartment complex in Atlantic City.
One way that Boraie Development advertises their properties and connects with those in the community is by having a Facebook page. They post about the properties they manage, such as the Aspire Apartments in New Brunswick which feature luxury living, and let people know when new units are available. The also post about their pre-opening registration when new projects are within six months of being completed so people can become some of the first occupants.