Pension Funds Gamble On Urban Renewal
3 June 2004 - 8:00am
Even though retirement money is pouring into the inner-city for retail development, the risk may still outweigh the gain.
Led by the charismatic presence of ex-basketball star 'Magic' Johnson, some of the largest pension and endowment portfolios are taking a longer look at blighted urban areas as possible investments. Despite efforts at revitalizing abandoned warehouses and factories, the failure of Hollywood & Highland, a $640 million complex in the heart of Los Angeles, offers a sobering prospect for would-be investors.
Full Story:
Cleaning Up on Urban Cleanup?
Source:
Business Week, June 2, 2004
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