Investors looking for real estate advice take note: one of the most innovative new proposals in New Jersey real estate development is being spearheaded by Boraie Development LLC. The Aspire, a luxury high rise residential unit being erected in New Brunswick embodies the ethos of many of Boraie’s developments. With bold new ideas that make the best use of new trends in luxury development, Boraie is leading the way in an industry that is open to creative disruption. The Aspire is much more than just another luxury tower, it includes 10,000 square feet of retail in addition to its 238 residential units. This mixed use project provides residents the benefits of close proximity to retail in addition to the residents providing a built in market for the retail businesses. The variety of retail options includes neighborhood shopping, dining and nightlife. One of the key aspects to creating a successful mixed-use development is matching up the demographics of the potential residents of the building with the retail businesses, and the Aspire has certainly achieved this goal.
One new trend in real estate development is transit oriented development (TOD) which describes the benefits resulting from siting a mixed-use development in close proximity to transit. The aspire has achieved this as the New Brunswick Train Station is only a short distance away. TOD not only meets the growing demand for luxury real estate for those in New Jersey who do not drive, but provides a valuable benefit to those who do own vehicles but also use the transit system in New Brunswick. TOD’s benefit to the developer in providing a smaller amount of parking to residents who do not own a vehicle results in a tremendous cost savings, as providing multi-story parking is quite expensive while surface level parking in New Brunswick is a wasteful use of valuable real estate. Other noteworthy aspects of the Aspire that investors should take note of include amenities such as a fitness center/yoga space, a rooftop sundeck and garden with BBQ space, and a residents club. Modern luxury buyers pay a premium for these amenities.