Boraie Development is one of the largest real estate and property developer on the East Coast. They are pouring investments in a lot of cities in the eastern part of the United States, and one of their most recent projects is the development of Atlantic City in New Jersey. Atlantic City is an entertainment city located in eastern New Jersey, but because of the competition from other cities, the tourism value of Atlantic City slowly faded. The once thriving settlement dotted with casinos and entertainment centers are now looking bleak. As a result, the city’s economy suffered, and it has remained stagnant ever since.
According to WSJ, the city government of Atlantic City has met on how they can revive the city’s economy. They have never seen a problem so huge that it has resulted in unemployment and the degeneration of the cityscape. Many people who have called the city their home in the past have moved away to other cities which presented more opportunities. Today, those who chose to live and stay in Atlantic City realized that it is very difficult to find a source of income in a once lively city that offered countless opportunities. To resolve the problem with the degeneration of Atlantic City, the city government partnered with Boraie Development and asked them to assist the city government in returning the city to its previous state.
Omar Boraie, the founder of Boraie Development, stated that they would be working closely with the government of Atlantic City to deliver what they wanted. He assigned his son, Sam Boraie, to look after the project. They plan to build new structures inside the city that would attract investors and tourists from around the world. One of the plans of Boraie Development is the construction of The Beach at South Inlet, which would provide housing for people who would choose to live in the city. According to statistics, 80% of those who have worked in Atlantic City lived in the suburbs, and Boraei Development wanted to change that. They wanted more people to live in the city center, and it is the reason why they are building more affordable homes near the downtown.
The project is estimated to cost $81 million, and it is projected to house more than 50,000 people. Boraie Development is expecting that the project would become a signal for the people who once lived in Atlantic City to come back. They are also planning to build entertainment centers that would cater to the tourists and the local population. You can search on Yahoo to see more.