Newark, New Jersey is returning to its former glory. Just ask former NBA superstar Shaquille O’Neal (Shaq). Shaq grew up in Newark and his mother remembers a time when Newark was “beautiful”. Shaq was born and raised in Newark and “loves” the city.

Shaq’s mother told him on a visit to Newark in 1992 that somebody needed to come back and invest in Newark, and make it beautiful again. Shaq took his mother’s words to heart.

He and the developer, Wasseem Boraie of Boraei Development have teamed up to bring the city its first high-rise in more than 50 years at 1 Rector Street.

The project is a $79 million dollar 22-story luxury apartment complex located in downtown Newark steps from the New Jersey Performing Arts Center and the renovated Hahne & Co. building that includes a Whole Foods. “I remember when I was growing up (the city) used to be beautiful like this so the older I get, I want it to be a little more beautiful,” O’Neal told NJ Advance Media. “I invest in things that are going to make a difference.”

 

On April 10, 2018, O’Neal and Boraie were joined by Gov. Phil Murphy, Lt. Gov. Sheila Oliver and Mayor Ras Baraka to mark a milestone in the building’s construction, the “topping off”. In building construction terminology, “topping off “ is a builder’s rite traditionally held when the last beam is placed atop a structure during its construction. The ceremony is often rolled into a media event for public relations purposes.

In building construction terminology, “topping off “ is a builder’s rite traditionally held when the last beam is placed atop a structure during its construction. The ceremony is often rolled over into a media event for public relations purposes. For more details visit Bloomberg.

The construction is located at 1 Rector Street, the former site of the old Science Park High School, and 1 Rector Street, is its official name. Among those in attendance, however, the name was Shah Towers. The Governor said Shah Towers was another example of the upward spiral that Newark is enjoying and that “first and foremost as Newark goes, so goes the state of New Jersey. In fact, Shah and Omar Boraie have another project in the works as part of the downtown revitalization of Newark.

That development which will be officially named the “House that Shaq Built” according to Shaq. The development will be a new $150 million, 350-unit apartment complex with Boraie as the developer (whom Shaq called “the Kobe Bryant of development”). The 35-story building will be located at 777 McCarter Highway.

Goldman Sachs, which is investing in 1 Rector Street, will also invest in the new development at 777 McCarter Highway. Goldman Sachs has already invested $600 million in the city through various projects.  You can search on yahoo fort more details.

 

Kevin Orme

 

May 12, 2018

10:30,EST

 

 

Visit: http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html