Atlantic City, New Jersey is a storied seaside town that has had more than its share of ups and downs over the years. There’s always been a special lure to this scrappy city, though, which is why developers keep coming back with plans to revitalize this historic and colorful casino driven town.
The Great Recession of the late 2000s had an impact on Atlantic City, as did the effect on New Jersey of two hurricanes. Today, this city, which was actually the basis for the Monopoly game board, is ready for another comeback and yet another go at revitalization.
At a recent summit on real estate development in New Jersey, some key experts on real estate development in the area spoke and gave their views on the future of Atlantic City. One of them was Wasseem Boraie, of Boraie Development, LLC, a major real estate developer in the area.
It’s Boraie’s view that’s what is really needed here in Atlantic City is for the city to encourage residential building in a big way, to attract young working professionals. Right now (according to the 2010 census) the city has a small population of young working people, with only around 13 percent of the city being in the key 25 to 34 age range. In Boraie’s view, new residential building projects could go a long way towards attracting young people, with their vitality and spending money, to Atlantic City.
The good news is that right now, according to Boraie, there are five to ten major residential building projects in the works in Atlantic City. With this much activity in the pipeline, the chances of really attracting more young working people is much higher than if only one major project was underway.
As far as Boraie is concerned, this is all win-win for Atlantic City, which could greatly benefit from an influx of working people and new business, plus greater tax revenues.
Can Atlantic City finally start to turn things around? Right now, things are looking good, as more energy anymore building come to this city by the sea.