As if the topping-off ceremony Monday afternoon for 777 McCarter — the largest multifamily residential building in Newark history — wasn’t enough, Boraie Development and Shaquille O’Neal announced their next big project: Newark Waterfront.
The 333-unit multifamily project, which hopes to break ground by the end of the year, is situated by the water across from the New Jersey Performing Arts Center.
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Wasseem Boraie, vice president of Boraie Development, said he hopes to begin construction on the building — or, at least, start moving dirt — by January 2023. He estimates it will take approximately two years to complete.
Newark Waterfront will be close to 50 Rector Park, the 22-story, 170-unit market-rate project that Boraie opened in the winter of 2019.
The building will be in a perfect location to take advantage of the proposed arts and entertainment district that is being developed by NJPAC.
For now, it is being called Newark Waterfront, although Boraie said that’s subject to change.
One thing that won’t change: the Boraie family’s desire to be all-in on Newark.
“We think this is a hidden gem,” he said.
Between Rector (170 units), 777 McCarter (370 units), Newark Waterfront (333 units) and the yet-to-be-announced units coming to the firm’s multifamily project at Lionsgate Newark Studios, Boraie Development will have more than 900 units in the city.
O’Neal said he’s thrilled to be a part of another project that is helping the community in which he was raised.
“I will never forget where I came from,” he said. “I just want to say, ‘I love Newark.’”
