For the first time in about 50 years, Atlantic City recently had a market-rate apartment complex open. This is NoBe, which was developed and is managed by Boraie Development LLC. It has 250 units and cost $85 million. It’s near the $2.4 billion Ocean Casino Resort that also recently opened.
V.P. Wasseem Boraie, who took the lead in building NoBe, said he’s happy his company got in early on revitalizing the neighborhood it is located in. There was a lot of development around it as it was going up. The four acres Boraie Development purchased were blighted and he said the only way to handle that is to build on it. Wasseem’s father, Omar Boraie, founded Boraie Development. Wasseem says that he learned about how to see opportunities in cities from his dad. In the case of NoBe, it was about the basics of the market. Atlantic City gets millions of visitors a year and yet it remains an overlooked place to build an apartment complex. He said that earlier that day he parked his car at NoBe and saw people walking along the boardwalk and around the neighborhood. That never happened in the past. Wasseem is excited about Atlantic City and its future.