It’s only a matter of time before two champions begin revitalizing the north end of Atlantic City. NBA icon Shaquille O’Neal and super NJ developer Wasseem Boraie have created a winning team to breathe new life back into the area, right by the Revel Casino, about a quarter-mile from the famous boardwalk.
Shaq and Wasseem are waiting for the light to turn green on loan approval for their $61 million proposal to construct “The Beach at South Inlet,” a 250-unit luxury apartment complex. A doorman, on-site parking, enclosed pavilion and swimming pool are a few of the amazing amenities that are planned for the project. The plan includes 8-acres of vacant land in two parcels.
The South Inlet proposal remains in limbo at the moment, even though Shaq and Wasseem had received approval for a $30 million loan back in March of 2013. However, that was before things turned really sour for the now shuttered Revel and Showboat casinos. New Jersey’s Casino Reinvestment Development Authority (CRDA) is going over the plan with an extremely fine-tooth comb and extended the loan expiration date to January 29th.
Wasseem and the Boraie family of developers enjoy a stellar reputation in The Garden State, with patriarch Omar at the helm. Boraie Development LLC pulled the city of New Brunswick out of the darkness, taking a chance on re-building the famous college downtown to Rutgers University and Johnson & Johnson headquarters. The family is most proud of their deluxe luxury high-rise residential on Somerset Street in the heart of the city called The Aspire. The company had taken 21 dilapidated and vacant buildings there and turned them into gold. The city is now a bustling place to do business and reside at.
Wasseem, Omar’s oldest son, serves as a vice president with the company, and he, like his father, is a developer’s visionary. Wasseem says there have always been non-believers who didn’t think their company could ever re-build a city, but the proof is there. Wasseem and teammate Shaq can turn around Atlantic City’s tourism district. All they’re waiting for is that red light to now turn green.