Right after being given an award for 600 NoBe at North Beach — the first major mixed-income multifamily project to open in Atlantic City in more than 50 years — Boraie Development Vice President Wasseem Boraie let it be known that the city would not have to wait that long for the next.
Boraie, speaking Friday in Atlantic City at the awards ceremony that capped the two-day Governor’s Conference on Housing & Economic Development, told the crowd that Boraie is planning to start on 700 NoBe early next year.
Boraie held back on details, saying only that it would be a midrise building that likely will have hundreds of additional units. But, if it’s anything like 600 NoBe, it figures to breathe additional life into that part of the town — and be far different from traditional development in the area.
“Before us, everyone said, ‘If you put 30 or 40 units, that’s good enough,’” Boraie told the crowd. “We looked at it and said, ‘You have to do something big.’”
The project was honored in the Leading Neighborhood Revitalization Partnership category.
Boraie said that was fitting, as 600 NoBe could not have been accomplished without the help of others, led by the New Jersey Housing and Mortgage Finance Agency, but also the Governor’s Office, the New Jersey Economic Development Authority, the New Jersey Redevelopment Authority, the Casino Reinvestment Development Corp. and the city itself, led by Mayor Marty Small.
“In every new city we go into, we take the first risk, and then our public partners follow,” Boraie said. “And, I have to tell you, the New Jersey HMFA in particular stood up in a huge way to support Atlantic City. They were a catalyst.”
The 600 NoBe at North Beach project, which features three four-story buildings (which combine for 200 market-rate units and 50 affordable units) that surround a large pool and other resort-like features, was one of five winners on the day.
A look at the five:
Leading Innovative Economic Development Project
Retail Diversity Business Incubator (Camden): 1327 Haddon is a 2,020-square-foot project that turned a blighted retail store into a retail incubator. The project will serve as the catalyst for business growth and quality of life in Camden. Not only did this project provide employment, the retail operations also housed in the incubator will provide countless additional jobs.
Partners in the project include the Department of Community Affairs, the Robert Wood Johnson Foundation, Mario Construction II, Donovan Architects Parkside Business and Community in Partnership and the Latin American Economic Development Association.
Leading Housing Development
Lua Homes at 3rd Avenue (Newark): The newly constructed two-unit housing project in the city of Newark was created by Lua Homes and M&M Development. The homes consist of two three-bedroom apartments for unhoused domestic violence survivors earning less than 30% of the HUD average median income.
Partners in this project include the city of Newark, New Jersey Community Capital, RWJ Behavioral Health and the Department of Community Affairs.
Gordan H. Mansfield Veterans Village (Tinton Falls): The affordable 70-unit permanent housing complex will provide homes for low-income military veterans who are unhoused or at risk of being unhoused. The project includes 18 units designated for individuals earning up to 30% of the HUD average median income, 24 units for those earning up to 50%, 10 units for those earning up to 60% and 18 units for those earning up to 80%.
Partners in the project include the Housing and Mortgage Finance Agency, the Department of Community Affairs, Winn Development, PS&S Architecture & Engineering, V.J. Scozzari & Sons and Winn Management Co.
Leading Neighborhood Revitalization Partnership
Rising Tide Capital (Jersey City): The four-story mixed-used development houses Rising Tide Capital’s headquarters as well as 10 housing units, a coworking space, programmatic classroom space and meeting spaces.
Partners include New Jersey Redevelopment Authority, the Economic Development Authority, Valley National Bank and TD Bank.
600 NoBe at North Beach (Atlantic City): The three four-story buildings include 200 market-rate units and 50 affordable units. The project includes an exterior deck, pool, lounge area and garden space.
Partners include the Casino Reinvestment Development Corp., the Economic Development Authority and the Housing and Mortgage Finance Agency.
