The Real Deal recently published an article regarding Atlantic City and it’s crisis: an extremely low millennial population. The article cites that Atlantic City’s population aged between twenty-five and thirty-four is as low as 13.6 percent. This reality proves to be an issue within the economy of Atlantic City. Through “strategic investments”, suggests John Longacre, president of Philadelphia-based LPMG Properties, Atlantic City will be able to bring young professionals into Atlantic City, thus stimulating the economy: increasing the tax base and housing market, ultimately “saving” the city.
The city developers and leaders in Atlantic City plan to develop residential areas of the city in order to cater more closely and specifically to the needs and desires of young business professionals and millennial residents of Atlantic City in order to create a massive economic and housing stimulus or “boom”. These development efforts are long overdue according to developers, as there has been a stark lack of new residential development and design over the last “40 years”. There are specific buildings such as the Morris Guards Armory on New York Avenue and a firehouse on Atlantic and Connecticut avenues designated by leaders in the Atlantic City stimulus efforts to be redesigned and rehabilitated into residential apartments for the millennials the efforts are designed and aimed to informally “coax” into residing within the city. According to officials in Atlantic City, new housing construction boldly stands among the utmost pressing matters and priorities in the endeavors to ensure the city’s economically successful future.
New Brunswick-based Boraie Development vice president Wasseem Boraie is among the most analytical and forward thinking developers working on the project. As this issue is being assessed and evaluated, he has already headed up efforts and has constructed new housing within Atlancitc City and intends to put forth further personal efforts to remedy the stagnant economy through housing development. Wasseem Boraie and Boraie Development wield immense experience and wisdom in the business of residential development when pressured by the odds against them.
Wasseem Boraie has already lived up to the name of the company through the success of his efforts in Atlantic City; however, there are no plans to cease these efforts and it is likely that Boraie will be revered as a leading name in the efforts of Atlantic City developers who are currently attempting to save the city from its nearly assured decline into economic crisis in the coming years.