Newark is becoming home to the tallest residential buildings in New Jersey thanks to the former NBA player, Shaquille O’Neal and Boraie Development. The building is Newark’s first high-rise residential building in over 50 years. On Tuesday, the NBA legend joined a host of elected officials and stakeholders in a ceremony which marked the completion of the entire project. The building is located in the heart of Newark City and will defiantly serve as a landmark in Newark. The building which has been named “Shaq Tower” will have a total of 169 rental units as well as ground floor retail space after full completion.
According to Patch, the ceremony which was held on Tuesday afternoon featured other dignitaries including Governor Phil Murphy, Mayor of Newark Ras Baraka, Acting deputy mayor Carmelo Garcia, Urban Investment Group Managing Director Goldman Sachs and Margaret Anadu head of Urban Investment Group. The project’s cost is estimated to be $79 million and the building is set to open its doors tenants towards the end of the year. According to one of the stakeholders Wasseem Boraie, Newark residents will be able to apply for leases as early as September. Most of the residents are looking forward to the opening of the highest residential building in the area.
The project is a public and private partnership between the city of Newark, Boraie Development and the Goldman Sachs Urban Investment Group. The New Jersey Department of Economic Development also channeled in more than $24 million to the project.
The NBA legend, O’Neal, and Sam Boraie further announced that there were plans to build another 35-story building worth $150 million. The project will be located on McCarter highway and is also aimed at revitalizing Newark’s real estate industry. The two investors said that they are working closely with Ras Barak and other officials of the city to ensure that Newark residents have adequate and affordable housing.
Besides the Skyscrapers, Shaquille O’Neal and Boraie have also partnered in another project called IMPACT in Newark. The project is meant to train local residents for unionized jobs. O’Neal confirmed that the project had already placed eighteen people on apprentices. The mayor of Newark, Ras Baraka lauded the efforts put by investors in the city and promised his full support.
“I want to thank Shaquille O’Neal, Boraie Development and all other investors for having confidence in this city, as the mayor I am going to accord them the necessary support to ensure that the residents of this great city benefit from these investments’’, said Baraka. For more info you can checkout boraie.com