Atlantic City, situated on the eastern portion of the state of New Jersey, was once a thriving settlement which has the best casinos and entertainment centers in the country. However, the construction of casinos in nearby states and cities has crippled the city’s economy, and it remained stagnant. People lost their jobs, and the city started to degenerate. The people who lived in Atlantic City because of its vibrant city life started to move away from the city they once called home. Opportunities are rare in the city, and there is no source of income for those who stayed. This is what the new mayor of the city wanted to change, so he partnered with several companies to transform Atlantic City. One of the chosen partners is Boraie Development, a New Jersey based real estate property development founded by Omar Boraie. The plan is to build structures that would change the city’s skyline and would lure more people to work, live, and invest in the city.
Boraie Development is planning to build The Beach at South Inlet, which is a 250 apartment complex that will be built on a vacant lot near the city’s major avenues. According to Boraie Development, their plan is to create an affordable housing for those who are working in the city’s entertainment sector. More than 80% of the total number of employees working in Atlantic City chose to live in the cheaper Atlantic County, and only 5% of them decided to live in the downtown. Boraie Development wanted more people to move into the city center, which is why they are building residential properties that are suitable for those who are earning a decent living. The mayor of Atlantic City welcomed the plan from Boraie Development, and Wasseem Boraie will overlook the construction of the property. He stated that The Beach at South Inlet will open next year, and it can house up to 50,000 people. For more details visit Bloomberg.
The total cost of building the projects is around $81 million, and these newly built units are said to lure the younger generation because of its modern architectural style. According to Wasseem Boraie, one of the problems of Atlantic City is that they have too many residential units that are over 40 years old, and most people do not want to live inside dilapidated old homes. What the city needs, according to the vice president of Boraie Development, is the construction of new residential units that will attract more buyers and investors.