In Atlantic City, New Jersey, there is a new residential project in the works. This hasn’t occurred in over 25 years which makes the project remarkable. It will bring 250 new apartments to the city and if it is completed on time it is scheduled to be opened in the summer of 2018.
The Press of Atlantic City is the publication that first reported this news. One of the reporters was able to recently tour the site that the apartments will be built on. The developer of the project is Boraei Develepmont, LLC, which is headquartered in New Brunswick. The new apartments will be called The Beach at South Inlet and it will cost $81 million to complete. The site that they are being built on is bounded by four streets; New Jersey, Connecticut, Atlantic, and Pacific. 50,000 people work in Atlantic City, which is a resort town, and many of them are expected to find a new home at these apartments once they are finished. Visit State Theatre New Jersey to know more.
When the gaming industry collapsed in Atlantic City a decade ago it set off a historic slide in economic activity. Many casinos in the city closed. There is now about the right amount of casinos in Atlantic City plus there have been other business interests showing interest in the city which helps diversify what industries there are in the area. One of the big nongaming projects that are providing this diversification is the Atlantic City Gateway project that many see stabilizing economic activity as it is completely separate from gaming. For more details visit Crunchbase.
One of the vice presidents at Boraie Development, Wasseem Boraie, said that The Beach at South Inlet will feature many amenities that renters want to have. This includes it having a pool plus a gym for residents to work out in. It will also have a lounge that can be used by the residents to host parties. You can search on Yahoo to know more.
Boraie Development is a full service property developer. In addition to building properties they also then provide property management services for them. They handle all of their own sales and marketing efforts in-house. The company was founded by Egyptian-born Sam Boraie in the early 1970’s. Over the years most of their developments have taken place in the downtown core of New Brunswick where they are revitalizing the city. In recent years they have started developments in other cities in New Jersey such as Atlantic City and Newark.