Shaq Breaks Ground On Newark High-Rise
By Julie Daurio, WBGO News
September 27, 2013
Shaquille O’Neal was in his hometown of Newark on Friday to break ground on a new residential high-rise.
The new tower near Newark’s waterfront will have 169 units of market-rate housing, with rent starting at $1400 a month for a studio apartment. O’Neal says the development project is about giving back to the city where he got his start.
“My mother and father always taught me that if I ever become successful to give back. So I wanted to do my part and help beautify Newark.”
O’Neal is partnering with Real Estate Developer Wasseem Boraie on the project. Boraie says Newark has a pent-up demand for more housing.
“The more we got into the city, we believed that high-quality retail, high-quality residential like you find in other Northern New Jersey cities like Jersey City and Hoboken, we believe that that’s more than possible in Newark.”
The tower is just one of several development projects O’Neal and Boraie are partnering on in Newark.