Newark, New Jersey has long been a city in decline. In the past, the struggling metropolis (the largest in the state) has attempted singular projects in order to grasp at rejuvenation. These have failed largely due, according to Wasseem Boraie, due to lack of options provided in the limited projects. However a new project, or rather a series of projects, is in the works with the added benefit of the aforementioned choices for consumers.
In addition to variety for consumers, projects such as this offer the chance for outside investments, a further boon for the city. It’s a strategy that has proven itself in similar situations in the state, and Boraie is hoping for repeated success in Newark. The projects will take time, and will be expensive, but funding from several sources will offset concern and the profits from the construction will hopefully ease minds.
Boraie is the executive vice president of Boraie Development LLP, a construction firm operating primarily in New Jersey for thirty years. They specialize in industrial buildings and warehouse space. The company also deals in real estate development and property management. Boraie hopes that the series of high profile projects will give the city a much needed boost, and bring in consumers from outside areas. This support could provide the city with much needed cash as well as visibility.
According to Boraie, the value of parking in Newark is one of the largest hurdles currently when it comes to growing the area, as the parking is in fact more valuable than the buildings that currently exist. The parking and the planning of the city has isolated many buildings, and according to Boraie these are primary factors in the difficulty of growing the city. The assets are overvalued for the location, and this is preventing people from moving and working in the city.
The project includes multiple residential structures, as well as shopping space and public rejuvenation. Returns are positive, with 70 percent of retail space already leased. There is hope, voiced by Jose Cruz of brokerage firm HFF, that the new spaces will help build momentum in the city, and will be boosted with investments.