New Brunswick-based Boraie Development LLC recently completed a market-rate 240-unit apartment complex in Atlantic City. Vice President Wasseem Boraie said they were pleased that over 120 of the units had been rented out before the project was completed. The project cost $85 million.He said that people were willing to pay more rent than he thought would be possible in Atlantic City. There were a lot of so-called experts in this city who thought a project of this type couldn’t succeed. Boraie could see a neighborhood built up around his company’s apartment complex due to its sheer scale.
Boraie Development benefitted from other real estate projects in the area. A New Hard Rock Hotel & Casino is nearby and the Revel resort has reopened. In the other direction, there is a beachfront campus for Stockton University and a new headquarters for South Jersey Industries in the Gateway Project. Wasseem Boraie also gave credit to local officials. He said that Planning Director Barbara Woolley and Special Counsel Jim Johnson were especially helpful. They liked the questions they asked and the thoughts they had on the best way for Boraie Development to proceed. He feels that there is now a real plan in place to grow Atlantic City.