The City of Newark has been experiencing a renaissance the past few years; boosting revenue in the form of residents, businesses, and opportunities. The Newark Commercial Real Estate Summit brought together key players in real estate, urban development, investment, and city planning for a panel discussion where participants conveyed their ideas and feelings about recent positive changes to the blueprint for the reboot of Newark. Development firms that can build the kind of attractions that will bring traffic to a city have long had a bigger vision for Newark; but only recently found themselves with a city administration that was on the same page. As detailed here: http://www.njbiz.com/article/20150721/NJBIZ01/150729950/in-newark-choice-of-residential-projects-trumps-one-big-building-panelists-say, contractors are excited to be able to make a difference and have waited for the opportunity to work on a number of projects. Waseem Boraie, whose company Boraie Development plays a prominent role in the ongoing makeover of Newark, is one developer who approves of the city’s new plan for growth. In the past it was believed that a single ambitious project was all that was needed to jump start renewed interest in Newark. In green-lighting five to ten large scale projects to be ongoing simultaneously; the city administration is trying a new plan that in Boraie’s estimation will ultimately mean success of the new and improved Newark.
Other panelists concur with Boraie: allowing that the diversification of ongoing projects, and the increase in the number of large scale developments, will prove attractive to prospective residents, businesses, and capital from private investors. Richard Tucker of Tucker Development Corp. affirmed that his company’s successes, including the Courtyard by Marriott that opened in 2012, and the upcoming Springfield Avenue Marketplace, were enabled not by a single source but from a variety of investors and subsidies. Jose Cruz, a managing director with HFF Brokerage, sees the scope of projects finally in the works in Newark attracting capital from the kinds of investors who previously would never have strayed too far from Manhattan.
As vice president of Boraie Development LLC, Wasseem Boraie is no stranger to successfully revitalizing New Jersey cities. The oldest of company founder Omar Boraie’s three children watched father bring new life to New Brunswick starting in the 1970’s. From past experience Wasseem knows what’s necessary to build a city to its full potential, and the overall tone of the panel discussion falls in agreement.