Several projects at once could spur Newark growth

 

Real estate developers in Newark believe having several projects going on at once is key to having the city see a renaissance. That was the message last week at the Newark CRE Summit, according to an article on NJBiz.com.

Having several good sized projects going on is even better than one huge project, the panelists said.

Wasseem Boraie, executive vice president of Boraie Development LLC, said the city has about 10 projects going on that are all significant. Boraie Development is involved in a project on Rector Street that involves a high rise with 168 units for housing

Boraie said in the past the city has hung its hopes on one major project as the way to cause an economic boom. He said having several smaller projects at once would attract more people. He praised current city leaders for taking this approach. The projects all are private ventures but also are receiving some help from state and local sources.

Other cities are doing the same thing. Panelist noted that it is hard to get projects finished and they do take time, and sometimes investors get impatient.

Another developer, Richard Tucker, is working on a project on Springfield Avenue that will have 152 apartments. It also includes retail space and 70 percent of that is already leased.

The panel discussion, and the event itself, attracted a lot of developers who are interested in Newark and the area in general. 

They hope momentum created by these projects in Newark will attract other investors. So far there have not been enough opportunities, but with new development and with several projects happening, that may be changing.

Boraie Development has experience in this type of situation, as Omar Boraie, the founder, built a very successful high rise for luxury apartments in New Brunswick. The wisdom of the project was doubted, but Boraie proved them wrong and that helped spur growth there. Wasseem Boraie, one of his sons, is now working on the same type situation in Newark.

Image Recognition Technology of Tomorrow

New developments with image recognition software will soon make it possible for everyone to have ‘Star Trek’ like technology on their smart phone. Traditional image recognition software can analyze and recognize individual objects. For example, if you took a picture of a basketball, the software would identify it for you. This has useful applications for online stores. You can now use image recognition software for online shopping.

However, two groups of scientists have added an artificial intelligence (AI) twist. Their software can not only recognize a complex picture with multiple objects, but correctly identify the action. A group of scientists at Google, Inc and Stanford University collaboratively came up with AI based image recognition software.

The program works through using two separate digital neural networks. These networks are based on the human brain: one for images and the other for languages. The neural network software can teach itself to discover patterns and similarities in data. It does this through analyzing countless captioned images. Through this, it builds up a database of knowledge and can apply it to new pictures without captions. While this technology won’t result in any AI worthy of Terminator’s Skynet or the Matrix, it has excellent commercial applications.

A Slyce of the Digital Pie

Slyce is the “leading visual search provider for retailers and brands.” While researchers are busy working with abstract AI theories and image recognition, Slyce is bringing the practical technology to your smart phone. Slyce is most well known for their collaboration with retailers to take advantage of “the shoppers moment of interest” when the consumer sees a product and wants to learn more about it or possibly buy it. Slyce parters with retailers through integrating their image recognition technology into the company’s smart phone app.

Pounce is Slyce’s premier Snap-to-Buy software. It allows consumers to simply take a picture and with one tap, get shopping results based on the cutting edge image recognition technology. With another tap, the consumer can have the product shipped to their home. Shopping is now super easy and this technology is any company’s dream come true. The compulsive, credit card wielding consumer with poor control is now at the mercy of one touch, image based shopping. In addition to this, Slyce offer SnipSnap – an image recognition software that allows consumers to scan a coupon through the app and save it for future redemption. Perhaps this will balance out the online shopping sprees and splurges.

Image recognition software and technology is changing how we purchase and consume products. If it continues to grow and develop at the current rate, we truly will be living in a Star Trek like world of technology.