Shaquille O’Neal apartment proposal approved for state loan

The New Jersey Redevelopment Authority approved a $2.5 million loan for an apartment building in Newark NJ to Boraie Development. Shaquille O’Neal, who grew up in Newark’s Central Ward, will be at the forefront of this project.

The development will be a 25-story mixed-use apartment and retail building on Rector Street. It will house 169 apartments and 7,650 square feet of retail space. It will cost approximately $64 million to build.

The project is also approved for up to $20.6 million in tax credits over the next 10 years, and will be built right behind the New Jersey Performing Arts Center.

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