[Magic still seems to have his touch.
At a time when many sources of financing for real estate projects are drying up, a fund co-founded by former Lakers guard Earvin "Magic" Johnson has banked $1 billion for commercial developments in urban neighborhoods.
Canyon-Johnson Urban Fund is expected to announce today that its third round of financing, which eclipses the combined $900 million total of its two predecessor funds, will make possible more than $4 billion in new development and upgrades of property in the country's largest metropolitan markets.
The need to upgrade urban centers is growing fast, said Bobby Turner, managing partner of the fund. The country's population is rising at a rate of 3 million annually, 90% of whom will be immigrants or people of color. Many of them head to urban centers with large minority populations.
Canyon-Johnson is also committed to making its projects environmentally friendly, Turner said. The fund has helped pay for $2 billion worth of green development, he said, including a $70-million residential and retail tower in downtown Nashville.]-LAT
One Word: FORESIGHT
