Newark is set to have one of the highest residential buildings in more than 50 years. The building will have 21 stories with 169 rental units. Many people have been on the lookout to see when the building will reach its full completion. Formerly known as the One Rector Street, everyone present during its topping ceremony just referred to it as “Shaq Towers”. The building is situated along the river in the midst of downtown Newark, 37-39 Rector St.
The project is one of the latest collaboration between the former NBA legend Shaquille O’Neal and Boraie Development. The roof-topping ceremony brought together a host of dignitaries and stakeholders of the same project including Newark Mayor, Ras Baraka, Gov. Phil. Murphy and developers Omar Boraie and Wasseem Boraie. Speaking during the event, Wasseem Boraie termed the project as a major milestone and called upon the partnership between private and public entities in order to develop urban centers.
“I am so delighted with how this project has been conducted,” said Waseem Boraie.” I don’t think we would have come this far without the cooperation of the City of Newark and its leadership. This has been a clear indication that when people join hands great things can be achieved. With our partners, Goldman Sachs, Shaquille O’Neal and several other we have seen seamless operations”, he added.
On his part, Governor Phil. Murphy said that the project was a big milestone for the City of Newark. “This is a special day for the city of Newark and New Jersey as a whole, it is yet another proof that our city is on the rise and for us, the sky is the limit. I would want to assure all investors of our full cooperation and support whenever they think of investing here” said Murphy. You can visit njbiz.com for more info.
Shaquille O’Neal was the last to take the stage and he stole the show by telling people how he grew up in Newark and how his mother used to tell him the greatness of Newark.
Next project for Boraie Development
In addition to the Shaq Towers, Boraie Development and Shaquille O’Neal are yet in another partnership where they are set to launch another major project in Newark. The two partners on Tuesday afternoon announced that plans were already underway to kick-start the construction of a 35-story along McCarter Highway. The two partners revealed that they had invested close to $150 million on the project. To see more you can check out statetheatrenj.org