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Magic Johnson Raises $1 Billion For Urban Projects

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We love Magic. A fund co-founded by the former Laker has raised a billion bucks that will go to the development of neighborhood-changing urban projects, reports the LA Times. The Canyon-Johnson Urban Fund will help bankroll two or three projects in LA (they can't yet be revealed because negotiations are still underway). Johnson, thanks to his partnerships with major corporations, has already brought home-loan centers to South LA and a retail and apartment complex to Hollywood. Other cities like Atlanta and Chicago have also benefited from the fund—and most likely will again—but as Magic tells the Times, "We will always invest money in L.A.—this is home." Awww.
· Magic Johnson's urban development fund hits pay dirt [LA Times]