Boraie Development, long a key developer in its home city of New Brunswick, is taking steps on another impactful project — a 30-story, 342-unit luxury apartment tower at 11 Spring St.
The New Brunswick Housing Authority, which owns the site, formally selected Boraie as the developer of a site during a recent meeting. The site currently holds a parking garage within its Albany Street complex.
The plan is to redevelop the property as a building with a mix of units ranging from studios to two-bedroom apartments, under a $120 million project that would bring additional housing to the heart of the downtown. Twenty percent of the unit will be reserved for low- or moderate-income renters.
Aside from a new parking facility, the tower also would have amenities such as fitness and yoga studios, community rooms and coworking spaces.
The tower would rise across the street from the site of what will be known as HELIX, a high-profile, three-phase project that will redevelop 4 acres directly across from the city’s train station. Construction is underway on the first phase of that project, a 12-story building spanning 574,000 square feet with a multiuse facility known as the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility, under a plan spearheaded by New Brunswick Development Corp.
Wasseem Boraie, a vice president with Boraie Development, said he expects the new apartment building will complement the project.
“It’s going to be the most prominent residential tower in the history of New Brunswick,” he said. “And I say that with full humility, because there are a lot of other great buildings in New Brunswick. We’ve done a lot of them, but I think this is going to be something really dramatic. I think the city is going to be proud of it and I think people are going to love it.”
Boraie, known recently for its efforts in Newark, has completed a number of significant projects in New Brunswick — including the Aspire, a 238-unit tower that was built in 2015.
TAPintoNewBrunswick was first to report on the project.