Shaq and Wasseem Setting up House in Atlantic City

Shaquille O’Neal can be really choosy when it comes to investing, as he wants to know where his millions are being directed. The NBA legend has teamed up with New Jersey’s big time developer Wasseem Boraie to build The Beach at South Inlet, a $61 million apartment complex in Atlantic City. Both gentlemen are simply waiting for the green light to come from the Casino Redevelopment Authority, but it doesn’t appear ready at the moment. The Re-investment Development Authority is likely to drag out the loan expiration date, so it can further re-examine the proposal.

Two years ago, the RDA first approved the $30 million loan to Shaq and Wasseem, but then turned an about face after the Revel and Showboat casinos both shut down, and Trump Taj Mahal began developing financial problems. The RDA placed the proposal on the back burner, so they could re-evaluate the plan for the South Inlet apartment units, which would be located about a quarter of a mile from the city’s famous boardwalk.

Meantime, Wasseem and partner Shaq are raring to hit the court full speed ahead suggesting in a recent press release that their team can show them the money. Outside financing for the Beach at South Inlet Project has arrived via the New Jersey Housing and Mortgage Finance Agency, with all parties on board. Wasseem and Shaq say they are ready to play ball with the Casino Reinvestment Development Authority (CRDA) to make the project happen in the proper time frame.

The Boraie name is no stranger to the game of city development, with Wasseem Boraie as executive vice president of Boraie Development LLC. The family business is well-respected across the state of New Jersey, having breathed new, exciting life into once blighted sections of New Brunswick, the college town to Rutgers University and headquarters of the Johnson & Johnson company. The Boraies under patriarch and founder Omar are experts at successful, urban community development. Wasseem and company are also busy in Newark with plans on Rector Street for a high rise apartment building with 168 units for housing.

The Beach at South Inlet is proposing a $61 million, 250-unit luxury apartment complex with amenities such as a doorman, on-site parking and swimming pool.

The new deadline for the South Inlet loan expiration is January 29th. RDA officials will have to make a decision on the project before that date.

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