Vice president of Boraie Development, Waseem Boraie says that having plenty of choices in the housing market is absolutely vital in order to revitalize the city of Newark. The young VP states that “people are not going to flock to a major city because of one new development.” Rather a combination of different housing options and new construction projects will bring people to the city. This will also attract investors, major corporations, chains and startups creating a synergistic like affect, that the city leaders desperately want to see in Newark.
Waseem Boraie is actively involved in his firm’s latest construction project in Newark. The latest Newark project undertaken by Boraie Development is a high rise apartment dwelling in the heart of Newark on Rector Street. The development is a milestone for Newark. The city has not seen a high rise housing development in the city for a long time and Waseem Boraie is proud to be able to help redevelop this once thriving city that has seen a major downturn.
Mr. Waseem Boraie is widely expected to take the helm of Boraie Development when his father Omar Boraie retires or steps down in the future. So far, father and son work closely together as they slowly help revitalize New Jersey cities such as New Brunswick, Atlantic City and now Newark. The firm has had great success in revitalizing downtown areas in Atlantic City and New Brunswick and hopes that it could do the same in Newark, which is New Jersey’s largest and most populous city.
“For far too long, city leaders and developers have thought that one major construction project will create a big bang affect that will spur development and bring people to the city” says Waseem Boraie. The results of this approach and way of thinking are pretty self evident and have not brought the desired or expected results. Multiple construction projects and mixed use developments on the other hand have had huge success in cities like Hoboken, Jersey City and New Brunswick. “The same model should be applied to Newark” says Waseem Boraie. It is foolish to think that a single project will cause investors and people to head to a big city such as Newark.
The city of Newark is currently undergoing several major construction projects including one lead by Boraie Development. Over five construction projects that will contain over a thousand apartment units are currently in construction or are awaiting approval. It is an encouraging sign.