The first new high-rise Newark, New Jersey, has seen in over 50 years is quickly going up. There was a recent ceremony to mark an important milestone in the construction of this office tower which was the topping-off of the building. Once this 21-story tower is completed it will feature 169 apartments as well as 20,000 square feet of space for retail businesses.
Boraie Development is the company which is having this apartment tower built. They named it One Rector Street. However, former basketball player Shaquille O’Neal is also an investor in this tower and has become the public face of it. For this reason just about everyone calls the building “Shaq Tower”. He was at the topping-off ceremony along with Omar Boraie and his son Wasseem of Boraie Development, New Jersey Governor Phil Murphy, and New Mayor Ras Baraka.
At the ceremony, Wasseem Boraie said that the city of Newark played a vital role in getting this apartment tower built. He said it showed people that when a private firm and a public entity work together things can come together for an urban center. He said Boraie Development had partnered with Newark and he appreciated that the mayor of the city held his company accountable for getting this project completed. Check out rutgers.edu to see more.
Governor Murphy commented that Newark is a great city where big things are happening. He said that Newark had been down but it is now undeniably rising and presented a great opportunity for both residents and businesses to grow. Having been born and raised in Newark, Shaquille O’Neal recounted a story about growing up there and how his mother had called the city once beautiful. He wanted to play a part in making Newark beautiful once again and commented that Boraie Development does property development like Kobe Bryant played basketball. For more details visit Bloomberg.
Boraie Development will also be partnering with Shaquille O’Neal on another tower in Newark it was recently announced. Boraie Development will be building a 35-story building that will be used for residences, offices, and retail. This one will be located at the center of the city on the McCarter Highway. This building will cost about $150 million to build and it will feature 350 apartments in it. Wasseem Boraie said that his company is in the stage of getting plans approved by the city of Newark. He isn’t yet sure when construction will begin but he said that “Shaq Tower” will be finished by the end of 2018.