Atlantic City’s real estate industry is projected to experience the first market-rate development after 25 years. Thanks to Boraie Development, the new project scheduled to commence next summer will now add 250 new residential units in the region. According to The Press of Atlantic City’s recent report, the $81 million project is will serve a significant number of residents of the resort town. Dubbed “The Beach at South Inlet”, the new residential complex is bordered by Atlantic, New Jersey, Connecticut and Pacific avenues.
This new development is expected to breathe hope as far the growth and development of Atlantic City is concerned. Confirming to the press that the current renters have become more specific when it comes to their housing needs, Boraie Development’s vice president has explained that his company is now focused on providing modern housing stock to the residents. Wasseem Boraie further explained that the new 250 apartments will feature unique modern amenities, including gym, residential lounge, and a pool.
According to a research by neighborhoodscout.com, over 61 percent of Atlantic’s housing stock has lasted more than 40 years. Situated on a lush 4-acre lot, The Beach at South Inlet will not only boost the city’s economic development but also rejuvenate its aging real estate stock. The project has been applauded the mayor-elect, Frank Gilliam. Gilliam has expressed his belief in the project’s ability to rebuild the city. He further emphasized that every city needs modern housing stock and that the new complex will be a key contributor to increasing the resort’s population. For more details visit Crunchbase.
Wasseem Boraie hopes that The Beach at South Inlet would attract those working in Atlantic City to consider living in the city. He added that shortage of residential properties has seen a higher percentage of those working in the city live elsewhere. He further explained that Hard Rock’s new property, as well as the possible reopening of Revel, would definitely pull many people hence the need for residential apartments.
About Boraie Development
Boraie Development LLC is currently one of the most sought-after real estate companies in the region. The privately held company was established in 1986 and is headquartered in New Brunswick, NJ. Boraie provides a wide range of urban real estate services, including property development, management, and sales.
The company boasts of its 30 years of industry experience accompanied with a reputable performance record. Boraie Development partners with visionary architects and contractors as well as key financial institutions in the region.