Look up in the sky. It’s not a bird and it is not a plane. When Newark residents look skyward, they will now see the product of Shaquille O’Neal’s partnership with Borarie Development. The real estate market in Newark is about to change for the better, thanks to the efforts of Borarie’s experienced team and the financial assistance that the NBA legend has provided.
This is not your typical collaboration between the public and private sector, either. The project was completed with a eye towards complete and total transparency and the Newark skyline is now the happy beneficiary.
While the official name of the project will be One Rector Street, it is safe to say that they are going to be known by one name going forward: The Shaq Towers. This project would likely not have been possible with the expertise that Borarie Development has to offer or the financial might that the NBA legend has able to put behind this initiative.
Once the project is fully complete, over a million square feet is going to be made available and there will also be ground level retail space to choose from. The complex cost $79 million to complete and is slated to be open by year’s end.
Shaquille O’Neal is a Newark native and as someone who grew up in the city, he can remember an era when the city was far more beautiful. He is now utilizing his significant financial resources in order to make this vision a reality once again.
He wants to make a difference and thanks to the assistance of Borarie Development (who he referred to as the “Kobe Bryant” of the real estate development sector), there are future projects coming down the pike. You can visit crunchbase.com for more details.
Residents who wish to reside at these departments can issue their leasing applications in September and the goal is to have everyone moved in by year’s end. Once this project is completed, O’Neal and Sam Borarie will be turning their attention to the next objective: a 350-unit apartment complex that will be located in the heart of Newark.
Borarie was merely waiting for the right moment to begin these projects and with the considerable financial assistance of O’Neal at their disposal, Newark is now able to reclaim its rightful place as one of the crown jewels of New Jersey. These projects will also lead to the creation of much needed jobs that are going to allow for even further development in the city. For more info you can visit patch.com