Basket Ball Legend Wants To Build High End Apartments in Atlantic City
Shaquille O’Neal, better known as Shaq, partnered with the Boraie Development LLC to build high end lofts and apartments in Atlantic city. The duo wants to build “The Beach at South Inlet” apartment complex near the empty Revel Casino, and they were originally granted the loan but its now being reconsidered by the RDA. The $61 million apartment complex is not in question or are the two who are looking to help revitalize the area, so what’s the hold up? The initial review of the loan comes from the RDA’s concerns over the depleting community after the $30 million loan was given to Shaq and Boraie back in March of 2013. The Revel Casino was the first business to close its doors then the Showboat closed shop and now the Trump Taj Mahal is barely keeping its footing.
With the better part of the South Inlet being almost completely vacant the RDA wants to reevaluate if building this expensive and expansive apartment complex is in the city’s best interest financially. So far they’ve decided to extend their deadline for a decision so they can continue to mull over the details while Shaq and the Boraie Development LCC patiently await the final decision.
The Boraie Development company has been helping cities all over the North Atlantic coast of the United States for years by building and managing commercial and residential real estate. By focusing on urban areas in places like New Brunswick and Atlantic City the Boraie family has been able to revitalize areas and revamp their buildings which has created an interest for businesses to open up shop. Once business begin laying down roots the number of jobs increases thus boosting the city’s economy and giving residents more job options. As the population grows the need for apartment buildings ascends as well which is when the Boraie group steps in with their modern luxury apartment buildings.
Over the last thirty years the Boraie group has made a name for themselves in the field of business and commercial real estate along the Atlantic coast. Currently they are one of the most sought after firms in the state of New Jersey, and are well known for using their own capital as well as commercial capital from commercial banks to help fund their projects. All of their development projects are drafted, built, and managed by the Boraie Development LLC to ensure a consistent high standard.