<div class="quote_poster">Quote:</div><div class="quote_post">NBA legend Magic Johnson is betting millions on being able to help revive some of Orlando's most beleaguered communities. An equity firm co-led by Johnson could bring shops, condos or apartments to Parramore or other west Orlando neighborhoods as part of a $70 million redevelopment plan that Mayor Buddy Dyer unveiled Wednesday. "We've got money and are looking to spend it," said Robert "Bobby" Turner, the fund's managing partner. "We are nothing short of ecstatic about this opportunity." With $900 million in capital, the Canyon-Johnson Urban Fund calls itself the country's largest private-equity fund focused on revitalizing densely populated, ethnically diverse communities. Dyer met with Turner two weeks ago and discussed revitalization opportunities that could include housing and retail in neighborhoods including the city's beleaguered Parramore community. On Wednesday, Dyer announced the investment during his annual State of the City address, along with a separate plan by a Los Angeles special-effects company to move downtown. The company has worked on films including Spider-Man 2, Titanic and the most recent Star Wars movies. Representatives of the Beverly Hills, Calif.-based redevelopment business, with help from Dyer's economic-development staffers, spent the past two days in Orlando checking out a handful of potential sites for investment. "People from around the country want to be part of what we have going on here. . . . I think this is extremely significant," said Dyer, who added that he had "get-acquainted" meetings with Earvin "Magic" Johnson Jr., 47, several months ago. Johnson led the Los Angeles Lakers to five NBA championships during a career that landed him in the Basketball Hall of Fame. His Johnson Development Corp. has a history of bringing retail development to underserved minority neighborhoods, including movie theaters and joint ventures with Starbucks and TGI Friday's. In 1998, he brought that experience to a new partnership with Turner's firm, Canyon Capital Realty Advisors, to form the Canyon-Johnson Urban Fund. According to information provided by the venture, it started with $300 million in capital, sparking 13 development projects worth $1.4 billion. In 2005, the fund raised $600 million more for additional investment. Projects benefit host of cities Most of the fund's projects have included a combination of retail space and apartments or condominiums. It has invested in projects in Milwaukee, Chicago, Brooklyn, N.Y., Miami, Cleveland, Atlanta, Baltimore and Houston, among others. The fund brings redevelopment projects to problem areas that have suffered from a lack of investment, Turner said. It generally partners with local developers on projects that might not otherwise be possible, targeting investment sites that have more than 250,000 people within a five-mile radius and a minority population of at least 40 percent. Turner said representatives of the fund will talk with members of the Orlando community, elected officials and local developers before deciding on one or more projects. Aim is to boost minority areas "We've toured areas that the mayor feels are important to the continued revitalization of Orlando," Turner said. "We're looking for communities where we can not only make money, but raise the bar for investment and elevate minority communities."</div> Source
