Browse Category: Development Projects

Boraie Is Putting The Limelight Back On Atlantic City

The New Jersey resort town of Atlantic City was once a most visited area for people who like to gamble, and just have fun. After a major crisis and the closing of several casinos, the town lost quite a bit of its revenue. Many things came to a halt as people who had lost jobs began to leave for better opportunities. The Boraie Development company is striving to put the glimmer back into the eyes of the Atlantic City residents. The company has embarked on a project that will help improve growth in the city. They are in the process of building a 250 unit apartment complex in the resort town. They are working with the city to once again make Atlantic City a bulging economic area by providing apartments for more than 50,000 people in the city.

Boraie Development LLC. is a company that offers services in many areas of real estate marketing and development, sales and management, and property development. They pride themselves in their ability to work with architects, contractors, and financial institutions. The President of Boraie Development is Omar Boraie, and he has been in the business, with astronomical visions, for more than forty years. He is most excited to see his visions for the company materialized. His most determined vision was to rebuild the city of New Brunswick. He started years ago with his first project which is now the home of his office on Albany Street. When he was young, after the all of the buildings on that street were totally ruined, he bought all of the property. Check out his website

Omar Boraie rebuilt Albany Street, and it is now the Albany Street Plaza Tower One. This venture brought into the city some much needed space for offices. He then built the Tower Two which is next to Tower one. After the office buildings, Boraie Development built a twenty five story condominium that would be homes for twenty one thousand residents. The condos have a four hundred space parking garage, retail stores, and office spaces within the building. It also has enough space for outdoor barbecues, and a walk for dogs. This New York style condo was built in the heart of New Brunswick. The city of New Brunswick has been put back on the map, so to speak, thanks to the vision of Omar Boraie and his team with the Boraie Development LLC, and his many investors.

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The New Brunswick Devco Continues To Play A Role In New Jersey Developments

The Press of Atlantic City has recently reported the Middlesex County Improvement Authority has failed to make a $1 million repayment on a CRDA loan that adds to arrears dating back a number of years. The $20 million loan was part of a $107 million financing package created by the New Brunswick Development Corporation from private and public groups; the DEVCO works on a not for profit basis in its bid to revitalize the New Brunswick and Atlantic City areas.
The initial Devco was created in the 1970s and is now headed by attorney Christopher Palatino, who has pushed the reach of the group out to include Atlantic City. The New Brunswick Devco has worked on a number of projects in recent years to bring a better standard of living to the people of New Jersey, including the New Brunswick High School and Lord Stirling Community School.

A major part of the focus for the New Brunswick Development Corporation and its sister group in Atlantic City is the need for every project to have its basis in the need for assistance for the community of New Jersey; along with the need for an anchor within the community the Devco also seeks to bring economic growth to New Jersey.

After stitching together the financing for the development of the 235 room The Heldrich casino and hotel the repayment of the CRDA loans become the responsibility of the Middlesex County Improvement Authority. Initial bond repayments have already been made before the latest round of loan repayments were missed; Christopher Paladino of the Devco believes the loan repayments will be made as The Heldrich continues to increase its levels of occupancy and become profitable as New Jersey continues to be redeveloped.