One Rector Street, more commonly referred to as Shaq Towers, is the first high-rise residential building to spring up in Newark City in over 50 years. A product of the partnership between Boraie Development and legendary basketball player, Shaquille O’Neal, the building is one among several such projects in Newark that Boraie Development has pledged to undertake.
According to Rutgers Magazine, by the end of this year, the building is expected to be complete, with pre-leasing beginning in October and November. Full occupancy is set to be attained by next summer.
This project is as a result of a public-private partnership between Newark City, the state, Shaquille O’Neal, Boraie Development and Goldman Sachs Urban Investment Group.
The project received $24 million credit from the New Jersey Department of Economic Development Urban Transit Hub Tax Credit. Upon completion, the building is expected to house 169 rental units and cover space worth a million square feet. The ground floor is also expected to host some retail space.
To cap off this $79 million project, a ceremony was held. In attendance were high profile dignitaries such as Shaquille O’Neil, Governor Phil Murphy, Newark Mayor Ras Baraka, Wasseem Boraie and Omar Boraie.
All spoke well of the project, but the most memorable of the speeches was delivered by Shaquille O’Neal. From his speech, it was proven that to him, this was more than just any other public-private project. This project was quite personal to him, considering that he was born and raised in Newark.
He thanked the city and Boraie Development for making sure that the project proved a success. He also gave a story detailing how in 1992, his mother seemed to urge him to invest in Newark, which he had now fulfilled through this project.
Boraie Development promised the attendees that their next project in Newark City, in partnership with Shaquille O’Neil, was on its way. A 35-story building for mixed use, the building will be located at the center of Newark City on McCarter Highway.
Yahoo reveals that this proposed building will be a $150 million investment into the city and will house 350 units. The vice president of Boraie Development, Wasseem Boraie, said that the project’s already underway, and visible results will begin to be noted towards 2019. He also credited the mayor for bringing all the project’s participants together, hence paving the way for the development of Newark City.