For over 50 years now, the first Newark’s high rise building is being constructed with an attached name of Shaquille O’Neal. The Newark native and NBA Hall of Famer joined the stakeholders and officials on Tuesday at the Shaq Tower, as the building will be called, for a top-off ceremony to mark a milestone in the construction of the building. The elected officials at the ceremony were Governor Phil Murphy, Governor Sheila Oliver, Mayor Ras Baraka and his acting deputy, Carmelo Garcia who also serves as director of economic and housing development. Also present was Boraie Development, Margaret Anadu, head of urban investment group and the managing director of Goldman Sachs Urban Investment Group.
According to rutgers.edu, the $79 million, 22- story building set to be opened by the end of the year will have a space of a million square feet, 169 units for rentals and a retail space at the ground floor. According to Omar Boraie, as from September, the residents can be able to apply for a lease. He states that the former Old Science Park High School property was bought by Boraie Development 10 years back, but until last October, no construction began since they were waiting for the best time by identifying the area’s new businesses and then build based on the supply.
With buildings like the New Jersey Performing Arts Center, Renovated Hahne & Co. building and celebrity Chef Marcus Samuelsson’s new restaurant, the Shaq Tower developed by Boraie Development and O’Neal is a step forward.
Besides Boraie Development based in New Brunswick and O’Neal, the private-public partnership involves Goldman Sachs Urban Investment Group and the department of economic development urban transit hub tax credit in New Jersey.
O’Neal makes a public announcement of his plans to invest in the construction of a 35-story building worth $150million. The 350-unit apartment on 777 McCarter Highway will be done with Boraie Development and will be referred to as the ‘House that Shaq Built.’
In Newark, there is a new program, Project IMPACT which is partnered with O’Neal and Boraie Development aimed at training Newarkers for unionized jobs. So far 18 have been trained and the Mayor, Ras Baraka, states that this is to ensure residents are given work by the developers to make them be part of the development in Newark. For more detail you can visit bloomberg.com