Retired NBA standout Shaquille O’Neal has a new partner in a new game. Real estate developer Wasseem Boraie has partnered with this beloved all-star in an effort to bring new life and hope to New Jersey cities that have teetered on the brink of destruction. The two have set their sights on a neglected vacant portion of the north end of Atlantic City. Here they plan to build a $61 million dollar apartment complex that they will call The Beach at South Inlet. Their dream, however, hinges on the approval of the Casino Redevelopment Authority who initially approved a $30 million loan to Shaq and Boraie in March, 2013, but pulled back when two of the city’s major casinos, The Revel and the Showboat, closed.
There are few people who are not aware of the exploits and talents of Shaquille O’Neal, but there are many outside of New Jersey who may not be as familiar with the name Wasseem Boraie.
Wasseem Boraie is the oldest son of an Egyptian chemist who came here as so many others have with a dream. His dream eventually turned into a mission which helped rebuild the city of New Brunswick. He did this in the face of many naysayers, and now he and his children have joined together bringing a renaissance to other cities and communities in New Jersey.
Wasseem Boraie is the executive vice president of the New Brunswick based Boraie Development LLC. Boraie Development is an array of services focused on all areas of the urban real estate market dedicated to rebuilding spectacular properties while providing unparalleled services to clients. Boraie has been instrumental in redevelopment projects in Newark, Atlantic City, and of course New Brunswick. Wasseem has shared his company’s vision for the areas they go into. First, they look for opportunities in areas perceived by others as undervalued. They have learned one man’s trash is another man’s treasure. Secondly, they go in intending to stay for the long term. They don’t put all of their eggs in one basket. They believe instead that diversity and several small projects do more to muster long term economic growth in a city. Finally, they believe that the three catalyst, commercial, residential, and retail, for growth must be addressed when going into a city to turn it around.
The tag team of Shaq-Wasseem has great things in mind for the state they both call home.