Sam Boraie creates anchor of economic redevelopment in Newark

Sam Boraie has proven himself a capable leader since taking the reins of famed development firm Boraie development, which his father has slowly handed over to him for the last decade. Under Sam’s leadership, Boraie Development has continued making sagacious bets on urban renewal projects across the state of New Jersey. From New Brunswick to Newark, the company has gone where others have feared to tread and has reaped the profits of its work accordingly. You can visit Central Jersey Working Moms article for more details.

Sam Boraie has long had a close personal friendship with NBA star Shaquille O’Neil. In the late 2000s, Boraie had a vision. He wanted to take the long-neglected urban core of Newark, New Jersey and repeat what Boraie Development had accomplished with downtown New Brunswick in the 90s. Unfortunately, this was a hard sell. Newark had long been known as the East Coast’s version of Detroit, a hollowed out shell of a formerly industrious city that now more resembled a bomb range than a habitable urban center. When Boraie tried to communicate his vision to traditional lenders and even community leaders he was met with extreme skepticism and, sometimes, even outright laughter. But Sam Boraie would have the last laugh.

He got wind that Newark’s most famous son, basketball legend Shaquille O’Neil, was interested in getting involved with projects that sought to revitalize Newark’s downtrodden urban core. Boraie contacted O’Neil and the two immediately hit it off.

Within a few years, they had already completed their first joint project, the Citiplex 12 movie theater. The project represented a significant risk to both parties, a fact they knew all too well. But the theater was a success, attracting a new, upscale clientele to an area of the city that had formerly been a derelict skid row.

Boraie and O’Neil, enjoying the success of the Citiplex, decided to go for something much more ambitious, a project that had the potential to set off a radical transformation of the downtown Newark area into a first-rate city. The project was to be a 26-story ultra-modern apartment complex with an Art Deco flare. One Riverview is now scheduled for completion in fall of 2017 and has sold out. For more info visit Bloomberg.com

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