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.

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