Shaquille O’Neil was the center of the crowd’s attention. Fans were jumping up and down, and echoes were coming up from the crowd as a chant ensued. “Shaq!, Shaq!, Shaq!, Shaq!”. But Shaquille O’Neil wasn’t about to go for a big dunk on the backboards. Shaq was walking up onto a stage in the center of New Jersey to address a crowd for a reason other than basketball. Shaq was there to talk about a new housing project. One Rector Street — or Shaq Towers — is the latest joint development project between the NBA superstar and the development company Boraie Development.
The $90 million high-rise is the first high-rise in Newark in an astonishing 50 years. Of course, this kind of development isn’t new to Boraei Development. The family-owned company has been making investments and construction plays in urban areas that are worn down or largely forgotten.
Newark has been on a developmental decline for a while now. Shaq, on stage, recalled an interaction between himself and his mother in his younger years. Laughing, he told of how she talked about how beautiful the city used to be and then elbowed him as if she was telling him to fix it. Shaq is holding true to that silent promise. Sam Boraie and Shaq already have plans for another $150 million high-rise that’s 35-stories and contains over 350 apartments.
According to patch, for now, the citizens of Newark will have to settle for the new Shaq towers; the towers promise to be luxury at an affordable rate. Boraie has been working to develop the worn down areas of Newark for a while now. Shaq towers saw Goldman Sachs fund the project and Boraie Development oversee all other aspects. The company has a penchant for being able to conduct contractors in a way that sees them meet deadlines and produce quality work. Shaquille O’Neil himself called the company “The Kobe Bryant of development”, which is probably the best compliment that you can be given by Shaq.
Newark is looking like it’s getting a fresh coat of paint with the help of Shaq and Boraie. Boraie has plans for the rest of Newark as they are in talks about luxury condos, casinos, and other establishments in the city. Hopefully, Boraie will continue to develop the worn down city. After all, Newark did used to be one of the most beautiful cities in America. As far as Shaq Towers go, residents should be able to apply for a leasing opportunity come September. You can visit crunchbase.com for more info.