For cities looking to enjoy a rise in gentrification and a feeling that an urban center is truly revitalized, it’s imperative that more than one major project is in development. For many cities, like Newark, NJ, the problem has been in having the city focus all of its resources and hopes around one big residential project sparking a turnaround. It’s a lot to ask from one project, and history has shown that many of these projects fail to deliver up to expectations, especially when the surrounding neighborhoods are rundown.
So says Wasseem Boraie of Boraie Development LLC. Borer spoke at the recent Newark CRE Summit, to a gathering of commercial real estate professionals, about the future of development in Newark and about the many hopeful signs now manifesting in the market here.
Newark has been hoping for a major revitalization of its urban core for decades, and there have definitely been some disappointments along the way. Boraie, who founded his Brunswick, NJ development company back in 1986, says today the landscape looks very hopeful for a real renaissance in Newark.
According to Boraie, there are now five to ten “major class A projects” in development in Newark, and these projects will be a major attraction for upscale businesses and professionals looking for a city to visit and reside in.
Boraie noted that in the past, the city made a major mistake in putting so much hope into a revitalization centered on just one big residential building project. It’s Boraie’s opinion that it takes several major developments in a city center to really bring on the energy needed to lure new residents. Now, however, with so much activity coming on in a swarm, things are looking much brighter as far as turning Newark around in a big way.
Boraie, with his years of experience as a commercial developer in New Jersey, knows from where he speaks. With his background as a commercial developer and his years in the Newark and New Brunswick areas, he has seen the way development evolves in a city. Now, finally, according to Boraie, we are seeing the beginnings of a major turnaround in the area, and it couldn’t come too soon.
Businesses and residents of Newark are feeling optimistic too, and all are hoping that Boraie’s expert observation is right on the money.