Newark, New Jersey has an affordable housing problem. It also has a problem with many blighted properties. Solving both problems at once, the housing authority is working with property developers to tear down blighted buildings and replace them with housing units.
The biggest and most ambitious project is the redevelopment of Boyden Court. The demolition phase of the project will cost $5.2 million. The housing authority is working with Wasseem Boraie Development and its Vice President WasseemBoraie to build the new housing units on this 15-acre site once the demolition is completed.
As an urban redevelopment firm, Boraie Development specializes in projects like Boyden Court. WaseemBoraie has 35 years of experience in the property development industry.
WasseemBoraie said the vacant buildings at Boyden Court are an eyesore. It also attracts squatters and drug users. Knocking it down will dramatically improve the neighborhood.
The new development will be mainly composed of rental units. WasseemBoraie said there may also be units offered at market-rate prices. There may even be some units for sale. Once the building is completed, it will be operated by Newark’s housing authority, he said.