The Shaq Tower is Newark’s first lofty apartment building to be constructed in the last five decades. The building gets its name from the famous basketball player, Shaquille O’Neal who is a Newark native and a partner in the mega project. Just recently, Shaquille was joined by other stakeholders and elected officials for a topping out event held at 1 Rector Street. The celebrations marked the completion of the project. The Shaq Tower is a significant landmark in the downtown area of the city. The Shaq as it is popularly known will offer a million square feet of space that will house ground-floor retail space and 169 rental units.
The historic project is a public-private partnership between the state, Boraie Development, Shaquille O’Neal, Goldman Sachs Urban Development Group, and the city of Newark. According to some media outlets, the project also received a boost of $24 million from the New Jersey Department of Economic Development. For his love for the city, Shaquille further plans to invest $150 million for the construction of a 35-story structure on the McCarter Highway. The investments are part of his efforts in trying to revive his turf’s real estate market.
Sam Boraie, the proprietor of Boraie Development group, is an Egyptian entrepreneur using New Brunswick, New Jersey as his base of operations. Being a resident of the town, Omar and Boraie have been involved in various other projects three decades. The firm specializes in managing and developing commercial, industrial, and residential properties. Omar is the president of the corporation, while his two children, Sam and Hiam Boraie hold the positions of vice presidents.
Since its entry into the market, the Boraie Development has been part of various projects, and some of the notable ones include the Aspire; a 17-story residential apartment located near New Brunswick’s train station. The Aspire was constructed for customers looking for luxury and premier apartments that include features like concierge services. Boraie Development was also involved in a 25-story apartment that offers health clubs and roof deck. To see more you can visit re-nj.com
Omar Boraie and his family are known to be avid philanthropists and humanitarians. He supports various community initiatives in New Brunswick. Just recently, he partnered with the city of Newark to revive the New Jersey State Theater. The theater showcased several movies during the summer and entrance to the theater was free. His son, Sam Boraie is a director at Elijah’s Promise, a charity organization that provides over 100,000 meals annually to homeless families in New Brunswick. For more details you can visit njbiz.com