Newark, NJ Could Experience an Economic Boom Thanks to a New Building Project

 

New Jersey remains a state with a very interesting and always emerging real estate market. In the northernmost regions of the state, under the shadow of nearby Manhattan, the city of Newark found development previously elusive. Now, thanks to the launch of numerous new building projects all at once, the city might experience a renewal that was previously elusive. Per NJ Biz, a number of housing projects are going to be built during the same time frame. The development of the projects means thousands of new units are going to me made available to those interested in a new place to live.

Omar Boraie of Boraie Development LLC has been noting Newark and neighboring New Brunswick are both great locations for new housing. Boraie has overseen the successful building of housing projects in New Brunswick and there is no reason the success cannot be duplicated in Newark. 

The launching of several housing projects at one time may be the reason why so many are optimistic about the future for Newark. In the past, only one construction project would be launched at a time. While one project is better than none, a solo endeavor is not going to provoke as much interest as a series of them.

When Boraie Development launched the construction of a 250-unit apartment complex in Atlantic City’s South Inlet, it was definitively shown that one project could have a very positive effect on an entire city. However, a series of similar projects is going to be even better since a greater amount of the city ends up being improved.

Boraie Development has previously had a hand in enhancing the beauty of Newark. The CityPlex12 Newark theater was greatly renovated thanks to a joint venture between Boraie and NBA superstar Shaquille O’Neal. Hopefully, the success experienced with the movie theater will be duplicated with the various new housing projects slated to begin construction.

Since more than one project is being launched, the chances for better economic redevelopment exist. A would-be small business owner might not be moved by the building of one housing unit. If several are built, the entrepreneur could be much more motivated to set up shop in Newark. After all, the more housing units there are, the more potential customers there will be.

Hopefully, the project will move quickly to completion and Newark experiences some newly infused economic vigor.