After having set aside the land for nearly fifty years for developmental purposes, it appears that Atlantic City’s notoriously vacant lot, Pauline’s Prairie, will finally be developed by New Brunswick-based development company, Boraie Development. Led by VP Sam Boraie, the development firm will begin work on an apartment complex that is estimated to be worth roughly $81 million.
For those surprised by the price tag, it’s understandable. After all, this will be one of the most expensive residential complexes developed in the region in several decades. Boraie Development hopes that by developing their apartment complex with granite countertops, a hardwood floor, and a community pool, they’ll be able to attract millennials to the property. In fact, Boraie recently stated in an interview that not only is this property unique to the local area, it’s also unique to the entirety of Atlantic City. No other development companies have attempted to court the millennial demographic as strongly as Boraie.
Of course, the construction efforts will not happen overnight. As of right now, Boraie estimates that the construction should be completed sometime within 18 months. In the meantime, city officials are hopeful that the development will spur interest in other companies, and revitalize the area that had long since been neglected by other enterprises. Aside from the business prospects, officials have also expressed optimism at the thought of seeing the vacant lot be used for something good. Instead of it being an empty eyesore for the community, it can instead represent something more positive.
Although Atlantic City has been hit over its decreased control over gambling in the United States, it still remains a popular tourist attraction. Boraie Development hopes to take advantage of the shifting commercial interests of the city and help it re-position itself as one of the pillars of the East Coast in terms of quality of life. In fact, Boraie Development intends to price its new apartment complex at an affordable $1200 a month for single units, with another 20% of those units marked for a lower rate of $800. As long as there’s an interest in Boraie Development’s apartment complexes, it would seem that they’ll continue to be priced at a competitive rate.
While there is some question over the project’s ability to bring in new millennials to the area, Boraie is confident that it will be a success. Atlantic City might be in a transitioning period right now, but it’s clear that Boraie Development will help it emerge on the other side of this period as a stronger city.