Sam Boraie Announces Apartment Project in Atlantic City
Sam Boraie, one of the Vice Presidents of Boraie Development, LLC, announced that the real estate developer plans to build an apartment complex in Atlantic City. Traditionally, Boraie Development concentrated on the New Brunswick real estate market but has since shown interest in other markets like Newark and Atlantic City.
According to the article from Yahoo.com, the Development firm plans to invest $81 million in the project. The apartments will be built on a lot famously known as Pauline’s Prairie that has been empty for a long time. At $81 million, it will be one of the most costly projects undertaken in the city. The apartments will have granite counter-tops, a community pool, and hardwood floors. Boraie Development plans to attract millennials once the project is finished. That is why they plan to make the property unique.
Sam estimates that the project will take at least 18 months to be completed. According to Wall Street journal, Atlantic City officials remain hopeful that the Boraie project will spur investment interest in other developers because this will revitalize the economy of the area. Additionally, officials are also glad that the Pauline Prairie lot will finally be put to good use.
Atlantic City’s economy recently suffered a big hit after reducing its control over gambling. However, it is still a popular tourist attraction. Boraie Development is hoping to take advantage of the city’s shifting commercial interest to help it reposition itself as an economic hub in the region. The company also plans to set affordable prices ranging from $800 to $1,200 per month. According to Sam, the prices will remain competitive to retain an interest in the apartments.
Despite the present skepticism over the ability of the apartments to attract millennial in the area, http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html, Sam remains confident that the project will be successful. Boraie Development will be instrumental is helping Atlantic City during its transitional period.
Sam Boraie is one of three V.Ps at Boraie Development, LLC. The real estate development company was started by his father Omar Boraie four decades ago after migrating to the United States. Sam has grown around his father’s business. Together with his brother and sister, Sam helps his father run the family business. He has a keen interest in strategy development and implementation.
Sam is a philanthropist who is involved with different initiatives. He sits on Elijah’s Promise’s board, a nonprofit organization that fights hunger and poverty in New Jersey. He has also donated money in support of the State Theater.