The economy in Atlantic City continues to struggle despite efforts to increase economic growth by turning the city into a vacation resort with casinos. By 2015, the economy was still suffering, especially unemployment and affordable housing. The casinos didn’t contribute to economic growth and over 12 of them were eventually closed. More than 10,000 individuals lost their jobs due the casinos closing in Atlantic City. Political leaders and developers began working together years ago to help come up with solutions to resolve the issues causing the economic downturn.
According to The Real Deal, Boraie Development LLC built new housing in Atlantic City to help the city recover and meet the demand for affordable housing (February 22, 2015). Wasseem Boraie, Vice President of Boraie Development said that the demand for new private residential development is in resilient demand, which has existed for more than 40 years. Developers and leaders are anticipating to spark economic and housing growth and to grow the tax base without increasing property taxes. To resolve economic issues, developers believe young professionals between the ages of 25 and 34 and the ability of Atlantic City to attract businesses will contribute to increasing the employment rate.
Boraie Development LLC, a headquartered base company in New Brunswick provides services for real estate development in urban areas, property management, and sales. They employ professionals with expertise in managing properties, including administration, leasing, sales, customer service, and maintenance. Since the mid-1980s, the company has built a strong reputation and is now, considered one of the best developers in the State of New Jersey. The firm is committed to developing magnificent properties by working with trustworthy architects, financial institutions, and contractors. Boraie Development has over 30 years of experience attracting and servicing residents, partners and tenants.
Wasseem Boraie is the son of Omar Boraie, President and Founder of Boraie Development. He is co-partner and Vice President of the company, and works with his brother and father on development projects in New Jersey. Wasseem and his family support political causes and have donated over $300 thousand to ensure the state is in good governance and fairness. Boraie Development has funded politicians and various political committees in New Brunswick and Newark. The Boraie family has contributed to the New Brunswick area and other areas in New Jersey for approximately 40 or more years.