Philadelphia based city leaders and developers have been deliberating on plans to save the Atlantic City. They are hoping to attract millennials to the city by putting up new residential apartments. A census conducted in 2010 showed that 13.6 percent of the city’s population was people between the ages of 25 and 34. The developers hope that by attracting young developers to the city, the economic and housing boom will augment the tax base.
John Longacre, the president of LPMG Properties, believes that Atlantic City has the attracting young workers. LMPG properties is based in Philadelphia. The best way to attract young professionals is through strategic investments. Longacre who has plans to change the Morris Guards Armory said that if he was aged 26, he would consider being close to an urban environment.
Mark Callazo who is the Chief Executive Officer of Alpha Funding Solutions agrees that new residential would increase the number of young people in the city. Currently, he is rehabilitating a firehouse at Connecticut and Atlantic avenues into apartments. Wasseem Boraie asserted that there was an increase in demand for new private residential compared to over 40 years ago. The vice president of the Boraie Development, which is based in New Brunswick, is in charge of developing new housing units in Atlantic City. This information was originally reported on the Real Deal as found in the following link http://therealdeal.com/2015/02/22/could-young-professionals-save-atlantic-city/
About Wasseem Boraie
Wasseem is among the developers that believe that the transformation of the city will be made possible by having several small building projects running at once. Other real estate developers echoed this message during the Newark CRE Summit. The projects happening in the city are meant to create opportunities that will attract investors and new businesses. Boraie says that the 10 projects undergoing in the city are highly significant. His firm has been working on the Rector Street project, which is expected to yield 168 housing units.
Wasseem is the son of Omar Boraie, the founder of Boraie Development. His father has been praised for changing the face of Newark and neighboring areas. The firm, which started operating at a time when New Jersey was considered unsafe, has defied odds to create and rehabilitate various buildings. Boraie proved those in doubt wrong and paved way for the development of the city. Today, his son Wasseem is assuming his role. This information was originally reported on Citrite as shared in the following link http://citrite.org/several-projects-at-once-could-spur-newark-growth/