New Brunswick-based Boraie Development’s vice president Wasseem Boraie couldn’t be happier that the residents of his units are proving Atlantic City can be a great home with places to live and work, like Anytown, USA, outside of being a gambling destination. The 250 units at 600 North Beach started leasing in January and they are already a little over half full, which is running ahead of where Boraie had thought they would be. However, this is an estimate that he was happy to have been mistaken about. In early June, Boraie Development and MGM Resorts Internation signed an agreement for construction in the Marina District of 200 luxury condominiums.
Boraie was hesitant about the partnership, but he was enthusiastic for the variety of potential outcomes he could see for the partnership. Boraie gave credit to Hard Rock Hotel & Casino’s development for ultimately creating the right neighborhood, along with other developers in the area as well as local and state officials. With the success of 600 North Beach, Boraie is looking forward to even more success when the development of 700 North Beach is complete. According to Boraie, the Casino Reinvestment Development Authority is working on the neighborhood grocery store.