Boraie Development’s building project, One Rector Street, held its topping off ceremony in downtown Newark, NJ marking a major step toward its grand opening. Nicknamed “Shaq Tower”, after major investor Shaquille O’Neal, the building is the city’s first residential high rise in the last 50 years. In addition to Mr. O’Neal, in attendance were Governor Phil Murphy, Newark Mayor Ras Baraka and developers Wasseem and Omar Boraie.
Governor Phil Murphy thanked the former NBA Hall Of Fame superstar for his civic-minded commitment and for remembering his roots. Mayor Ras Baraka acknowledged much-needed state assistance and support for the project and noted other major contributors such as Goldman Sachs.
The building marks the launch of the program, Project Newark, initiated by the city along with Mr. O’Neal. It is designed to “give a helping hand to women, minorities and veterans” according to Bill O’Dea, Hudson County Freeholder and founder of Project IMPACT. For more info you can visit re-nj.com
Built along the river at 37-39 Rector Street in the heart of downtown, the tower will stand 21 stories tall and provide 169 rental units. The goal is to provide luxury accommodations at a affordable rates to city residents and professionals. Pre-leasing will start in October and November and construction, by Gilbane Building Company, will be completed by the end of the year.
Next on the agenda for Shaquille O’Neal and Boaie Development is a 35-story, 350 unit project on McCarter Highway in Newark bringing another $150 million investment into the city.
Boraie Development focus is on all areas of the urban real estate market and to fill the increasing economic demands of urban centers and neighborhoods. Its Urban Investment Strategy includes financial restructuring and master planning for redevelopment of various property types including: retail, residential, student housing, mixed use, and hotel assets. You can visit njbiz.com for more details.
Boraie Development LLC
120 Albany Street, Suite 800
New Brunswick, NJ 08901