Nationally, we’re seeing a trend of apartment rental prices going up, as a lack of new housing takes a toll on cities all across the country. This is a problem that has been felt profoundly in Atlantic City, New Jersey, as this resort city has suffered from a serious lack of new housing in recent years. According to Waseem Boraie of Boraie Development, LLC, 60 percent of Atlantic City’s housing was built over forty years ago, so there’s no question that new development here is quite welcome.
Excitement Over The Beach at South Inlet
A recent story in The Press of Atlantic City addressed the current housing situation, as well as the excitement that is building over a major new apartment complex called The Beach at South Inlet. This complex is going up in a lot that is bordered by New Jersey, Pacific, Connecticut and Atlantic Avenues, and it is set to open this summer. Omar Boraie, who is the Vice President of Boraie Development, says that the complex has been built with all the most desirable modern amenities, including a pool, lounge area and gym. It is hoped that the new building will provide housing for the 50,000 people who work in the local area. It’s Boraie’s view that young workers are demanding upscale amenities in their housing, and this new development (and others) was built with those demands in mind.
Atlantic City Makes a Comeback
There’s no doubt that Atlantic City is enthused about the sight of an impressive-looking, upscale new building going up in the area. The development of The Beach at South Inlet symbolizes a new optimism about the future of Atlantic City, which has weathered a tough ten years since the economy went downhill after the stock market crash of 2008. Check out Bloomberg to see more.
Along with the crash, Atlantic City’s casinos also suffered from competition from gaming areas opening up in neighboring states. Some of the casinos in Atlantic City ended up closing, but in a way this was helpful, as the gaming business locally is now much more manageable for the city.
Ultimately, this new development by Boraie Development, LLC marks a major change in the city’s futures. The owners of Boraie Development, LLC have longed believed in the future of Atlantic City, and with this new complex set to open soon, their belief seems to have been justified. You can search on Yahoo for more.