Many cities across the United States were hit hard when the economy crashed in 2008. Some recovered quickly, others took longer. Newark, NJ, is one city that is definitely on the mend after a tough go of it during the economic meltdown and its aftermath. Today, there is talk of new development in the area, and one project in particular is bringing on extra excitement.
The Beach at South Inlet is a high-end development that is now showing more signs of life, as Shaq O’Neill, who is partnering with veteran real estate developer Wasseem Boraie, is in talks with the Casino Redevelopment Authority to review the project.
The History of The Beach at South Inlet
This project was first proposed in 2013, and the development group received a $30 million loan to proceed. The shakiness of the economy in the area, however, had an impact, as two casinos, The Revel and The Showboat, both closed. Donald Trump’s Taj Mahal was also showing signs of extreme stress at the time as well, and in response to all of that, the CRA decided to pull back on the project.
Now, however, the CRA is considering an extension on the loan to give them time to review the current situation in the area. It’s Boraie’s hope that plans will go forward. In his view, the time is right for a revitalization of the area.
Borarie comes to the development with a wealth of experience in real estate. In a recent statement at the Newark CRE Summit, Boraie observed that the city has had a history of putting a lot of money around single developments. Those types of projects are not likely to do all that is needed to revitalize an area, he said. What is really needed is several projects launching all at the same time.
Right now there are at least ten significant building projects underway in the city, and Boraie contends that this breadth of activity will help all of the projects succeed. The other aspect of the conversation is that the economy has come a long way since 2008, and now is the time to really get things moving.
Only time will tell how things pan out with The Beach at South Inlet development, but if Wasseem Boraie has his way, all will go very well.