Atlantic City had big shoes to fill when the New Jersey Legislature and voters approved a 1976 constitutional amendment on NYTimes.com that allowed gambling in the state. Atlantic City needed something to put itself back together. During the 1960s, the popular resort area was a shell of a city. Three months a year, New Yorkers and people from Philly and Northern New Jersey invaded the city and spent money. But the other eight months produced very little revenue for the city. Like other New Jersey cities, Atlantic City was a crime-infested, poverty-stricken mess. But the license to allow gambling was meant to change that scenario.
People started calling Atlantic City “Las Vegas on the East Coast,” but the city never really measured up to that nickname. In 1984, the City Casino Reinvestment Development Authority was formed by the State Legislature. That group was organized to develop investment opportunities on statetheatrenj.org in Atlantic City, and to make sure every casino reinvested 1.25 percent of its revenue in urban development.
AC was a great place to go in the summer and on holidays or for a weekend get-a-way. Boraie didn’t understand why the city leaders didn’t attract more full-time residents, but Sam didn’t pay much attention to that issue. Boraie Development did buy eight acres in Atlantic City, and the plan was to develop that piece of property at some point. But Sam Boraie and his family were immersed in the revitalization and redevelopment of New Brunswick, and Newark, so the company’s investment in Atlantic City was on hold.
Boraie Development LLC was the money and the brains behind the resurrection of downtown New Brunswick. The Boraie family has been developing office space and residential space in their city for more than 30 years. So it wasn’t a big surprise when Sam Boraie got a call from the Atlantic City Casino Reinvestment Development Authority. The Casino Reinvestment Development Authority wanted to invest in the proposed $100 million Boraie residential project that Sam Boraie was proposing. Sam and his family decided to develop the land in Atlantic City after working with basketball legend and Newark native Shaq O’Neil on two successful residential projects in Newark.
The Beach at South Inlet is a two-phase Boraie project that will give Atlantic City 250 luxury residences. The new community will have a workout facility, swimming pool, outside deck and a 10,000-square-foot residence lounge. A 400-space parking garage, retail shops, restaurants, and a grocery store will also be part of this Boraie project.
Sam Boraie is proud of his family’s accomplishments. Sam Boraie is also proud of Elijah’s Promise, the nonprofit organization that helps feed and educate the needy in the state. Sam sits on the Advisory Board of Elijah’s Promise. Boraie also plays an important role on the board of the New Brunswick State Theater. The State Theater has been around for more than 90 years, and it is bigger and better than ever, thanks to Sam and other donors. The State Theater helps educate students through music classes and live performances by big-name entertainers.