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investments since his father began buying property in New Brunswick in the 1970s and in the downtown in the 1980s, paving the way for
its two Albany Street Plaza office towers built in 1988 and 2004, along with two major residential projects — including One Spring Street, a collection of 121 condos delivered in 2007, and a 238-unit luxury apartment high-rise known as The Aspire that opened in 2015.
“You have pillars that, as an investor, you can depend on,” said Boraie, whose firm is now planning a 30-story, 342-unit rental tower at 11 Spring St. as its next project in the city. “So when you look at New Brunswick, the thing that’s made it work from our perspective is that, when you come to the city with a deal, the city has the sophistication to almost be a part of your deal without actually being in your deal. And a lot of other cities aren’t like that.”
Paladino and Boraie joined Tony Coscia of Windels Marx and Mark Manigan of RWJBarnabas Health
as panelists for the Nov. 13 event, speaking to a packed house at
the Heldrich Hotel & Conference Center on Livingston Avenue. Paul V. Profeta, publisher of Real Estate NJ, and Josh Burd, the publication’s editor, moderated the program.
Key anchors in government, academia and health care will
be central to some of the other high-profile projects that are still to come. Devco is spearheading the new Health + Life Science Exchange or HELIX project, whose first phase is under construction on Albany Street and will feature more than 570,000 square feet of incubator and research space, a new home for the Rutgers Robert Wood Johnson Medical School
and a center for what’s known as translational research. The not- for-profit developer is also less
than 18 months from delivering
the $900 million Jack and Sheryl Morris Cancer Center, which will span 520,000 square feet of modern treatment, patient services and research space at Somerset and Division streets under a partnership that includes RWJBarnabas Health and the Rutgers Cancer Institute.
“The other thing that makes New Brunswick very attractive is that it’s all about workforce,” said Paladino,
whose firm is planning a second phase of the HELIX in tandem with SJP Properties. “I’ve never been in a discussion with a potential client that didn’t include HR, and it’s ‘Can they get people to come here to work? Can they recruit them?’
“And with a number of the folks that we are having very serious conversations with, it’s about being able to recruit from Rutgers and Princeton the next generation of biologists and electrical engineers and computers scientists, so we’re very fortunate.”
Real Estate NJ Publisher Paul V. Profeta moderated The New Brunswick Redevelopment Story, a panel discussion on Nov. 13 at the Heldrich Hotel & Conference Center, alongside Editor Josh Burd.
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