Millennials to Save Atlantic City

Attracting millennials to save a dying city sounds like a pretty solid plan. That’s what a few housing developers are trying to do in Atlantic City. Atlantic City has been rebuilt, time and time again. Many developers have placed their vision into reviving Atlantic City but with an economic crash, unemployment rates sky high and poverty among all, it seems as if there is no way out of this crisis for the city. In a 2010 census survey, there was only approximately 13.6 percent of the city’s population between the ages of 25 and 34. That means new people are not being attracted to come live in the city. Without the attraction of people and millennials, in particular, Atlantic city will be stuck in its current state. By increasing the housing market in the area, developers believe that they can attract more millennials to fill the city with life start putting money into housing once again. This would increase the economy and increase the tax base. John Longacre, President of LPMG properties, plans to take over the Morris Guards Armory and turn it into 32 apartments. CEO of Alpha Funding Solutions, Mark Callazzo, has ideas to turn an old firehouse into apartments as well.

Vice president of Boraie development, Wasseem Boraie, has already started building in the area. He believes that having many projects going at once is a good way to attract people and cause an economic boom. There is also hope that these projects will attract more investors to start building. Wasseem Boraie started working with NBA star Shaquille O’Neal on projects in Newark, a place where the NBA star grew up. With the help of Waseem, O’Neal wants to rejuvenate the places where he once spent his childhood by turning old theatres and buildings into trendy modern day hang out spots.

Boraie Development definitely has the experience needed for this kind of development, however, getting more investors and getting people to move into the city can be a challenge. Boraie Development states that they have big plans for the city and that they are excited to put those plans into action.

Learn more: http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html?_r=0