Wasseem Boraie – Visionary of Urban Community Development
Wasseem Boraie is the vice president of Boraie Development LLC, a New Jersey-based urban real estate development firm. His company specializes in urban community projects, including the development of new buildings in Atlantic City, Newark, and New Brunswick. He is a visionary of urban development. He has worked in the business for 35 years. While he began in Atlantic City, Wasseem has expanded his business to include projects in Newark, New Brunswick, and other parts of the state.
In 2018, Boraie Development broke ground on the first market-rate apartment development in Atlantic City in decades. It will have 250 apartments and top-tier amenities for renters. Most of these units will rent for more than $1,200 per month, but there will be about 20 percent that are priced at a lower, workforce-rate of around $800. Boraie also plans to build a hotel in the same complex.
The project’s opponents have criticized Ashe-Nadrowski for opposing the project. She was the primary opponent of Davis for mayor last month, but was defeated by Davis in the election. Since then, the city council has approved phase one of Boraie’s revised project. The developer has also won preliminary approval for phase two. The project is expected to be completed over three phases, with about 1,250 apartments.
Despite these challenges, Boraie’s business has thrived. He helped rebuild the city, with a $70 million investment. Today, his company sells out all of its buildings in just a few months. In 2007, the building that the company built sold out in two months. Although Boraie is private, he is proud of the city’s renaissance. Despite the growth of the business, he is quick to give credit to others for the city’s success.
Boraie credits growth in the region to the opening of the Hard Rock Hotel and Casino in downtown Newark, the redevelopment of Revel resort, and the Gateway Project, which includes the headquarters of South Jersey Industries and a beachfront campus for Stockton University. Boraie also credits the efforts of local and state officials, including city planning director Barbara Woolley and special counsel Jim Johnson, for their strategic thinking.
Boraie Development has developed a major project in Atlantic City. Although the city has a history of withholding projects, the company saw an opportunity and launched the $85 million project in 2018. The first phase of the development began in 2018 with 600 units in the North Beach neighborhood. Within a few months, the project had reached half of its capacity, a milestone that shocked locals. The developer is hoping to add more to the community by the end of the year.
