Magic Johnson investing $50M in “12th & Midtown”
According to the Atlanta Business Chronicle, Earvin “Magic” Johnson and partner Bobby Turner are investing more than $50 million in the planned “12th & Midtown” development, and plan to increase their investments in Midtown Atlanta, according to Turner.
The partners’ Canyon-Johnson Urban Fund L.P., the largest private equity fund in the country focused on urban revitalization, has invested in Plaza Midtown, and now 12th & Midtown — and that’s just the beginning.
“We are not stopping here,” said Turner, managing partner of the Los Angeles-based firm, which has about $1 billion in capital commitments in “high-density,” “ethnically diverse” communities.
Turner said Atlanta fits that investment profile, as well as Canyon-Johnson’s additional criteria — that the communities in which the fund invests have strong leadership as well as local development partners interested in “enhancing the quality of life” along with investors’ returns.
“Shirley Franklin epitomizes the great leadership,” said Turner, who added members of his firm visit Atlanta about every other month, and each time Franklin makes her entire economic development team available. “Magic is very good friends with, and adores, Mayor Franklin,” he added.
Daniel Corp. and Selig Enterprises Inc. also satisfy the fund’s partnering criteria — that local partners be interested in the “double bottom line” of community improvement as well as financial returns. “They are our go-to guys in Atlanta,” Turner said.
Of course, Atlanta’s growing population also plays a role in Canyon-Johnson’s interest.
“Investing in Atlanta is investing in the future of America,” he added, “because that’s where the growth is going to be.”
Atlanta Business Chronicle – November 20, 2006
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