In more than 50 years Newark has never developed a high-end apartment, but thanks to the former NBA player Shaquille O’neal who is the first real estate developer to undertake the project. Recently O’neal together with other players gathered at 1 Rector Street in an organized ceremony which was meant to typify the completion of the construction. Shaq Tower is being constructed downtown area of the city. According to the project managers, upon the completion of the tower, it will have a ground floor which will have rentals, a million square feet space as well as 169 rental units.
The ceremony was attended by elected officials, as well as stakeholders and it was also graced by the appearance of some of the top government officials including Governor Phil Murphy, the acting Deputy Mayor and who is also the Director of Economics and Housing Development Carmelo Garcia, Ras Baraka who is the mayor of Newark, and Margaret Anadu who is the head of Urban Investment Group. The ceremony did not lack representation from other developers and real estate firms among them Boraie Development, and Goldman Sachs Urban Investment Group. According to the management of the development, individuals, as well as organizations interested, will have a chance to apply for leasing September 2018.
The project which is the latest in the city is a partnership between Boraie Development, Goldman Sachs Urban Investment Group, and the City of Newark, as well as O’neal. The project has also received about $24 million from New Jersey Department of Economics Development Urban Transits Hub Tax. Shaquille O’neal has been in the real estate industry for a period of time and he is planning to make more developments in his home city of Newark by contributing $150 million for the construction of a 35-story building on McCarter Highway. During the ceremony, O’neal said that words spoken by his mother in 1992 gave him a second thought on how to make his home city beautiful again. To see more you can visit re-nj.com
Boraie is a real estate company which has been offering a wide range of services ranging from real estate development, property management as well as sales and marketing. Since the inception of the real estate and the development company, it has been experiencing a tremendous expansion. Together with their team of committed members, they have been delivering excellent services to their customers. To deliver quality products Boraie has been working hand in hand with well established financial institutions, contractors, as well as visionary architects. For more details you can visit statetheatrenj.org