The city planners and leadership of Atlantic City have become somewhat chagrined of the recently discovered low citizenship of the city that are in the 25 to 34-year-old demographic. They are now making moves with the millennials in mind, planning the creation of new residential developments specifically geared to this age group. By attracting these young professionals to the area, they hope to rejuvenate the stagnant economy. Some of the construction involves turning existing buildings into stylish apartments.
This is what is being done to an older firehouse in the city. One of those leading the charge is Wasseem Boraie, vice-president of Boraie Development, who has helped lead the company to build much new housing in the city. But they are not the only real estate developers who have a hand in the construction work going on in Atlantic City. There are several. Right now there are about 10 different projects going on. And all of these projects are being supplemented with financial assistance from state and local institutions.
This isn’t isolated to Atlantic City. Other cities are also doing construction projects that are likewised supplemented by state and local sources. Still, Boraie probably has the biggest hand with the most ambitious stuff going on. Right now it is working on a high rise with 168 units. Boraie Development has been successful since it began. It was founded in 1986 by Omar Boraie who built an enormously successful high rise of luxury apartments as one of his first projects. Wasseem Boraie, Omar’s eldest son, remains in Boraie Development leadership.
Wasseem has been vice president of Boraie Development since 1999. In 2013, Wasseem teamed with retired basketball star, Shaquille O’Neal to build a posh new high rise apartment building in Atlantic City. The very ambitious project is estimated to cost about $61 million. The investors have become understandably nervous because in the meantime, several of the casinos in Atlantic City have closed.