Newark to Benefit from Tested Real Estate Model

 

Newark, New Jersey – Newark could soon benefit from the positive results of a real estate model tested in Jersey City and New Brunswick, according to a recent article published through NJ Biz. The success in those other cities came as a result of multiple developments in the works at the same time. Newark now has 10 major commercial real estate projects going now. That is good news for the city, which needs the positive economic boon that will follow.Boraie Development is building one of the new projects, a 168-unit high-rise. The firm’s executive vice-president, Wasseem Boraie notes the importance of simultaneous development in the city, “Residential consumers are not going to come to a huge city for one project.” For too long, the city hoped to draw new interest through the construction of enormous, stand alone developments. However, it proved to be insufficient, no matter how large the project was. 

Companies like Boraie Development have built a successful strategy for revitalizing cities with their multi-project approach. Omar Boraie, the company founder, brought his vision of economic development with him from his travels in Europe forty years ago. In 1972 the Egyptian immigrant bought 21 vacant lots in New Brunswick and went to the city fathers with a plan to develop the site. Although they thought it was unorthodox, he proved his idea by eventually developing three Class A office towers. The elder Boraie also learned that one project could inspire another and once multiple projects are underway a snowball effect takes off and city growth explodes.

The recent Newark CRE Summit was abuzz with excitement about simultaneous development and the options it will provide. The States’ largest city is set to experience growth that it has missed for a number of years. Boraie Development and others are thankful for the opportunity and confident the city will benefit. Wasseem Boarie said, “The thing that the administration is doing very smartly now… (is that) there are going to be choices.” And choices will bring new residents who will stimulate the economy.

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