Miami's Little Havana Gets Some 'Magic' Investment
Canyon-Johnson Urban Funds, headed by former NBA Star Magic Johnson, is investing millions of dollars into the biggest condominium development to date in the Miami working class neighborhood of Little Havana.
"An investment fund headed by former NBA star Earvin ''Magic'' Johnson is taking a majority stake in the biggest condominium project ever proposed for Little Havana, in a bet that midpriced units close to downtown will draw buyers.
Canyon-Johnson Urban Funds, which is led by Johnson and business partner Bobby Turner, is investing in a 395-unit condo development with two 19-story towers called Morrison. The builder for the $120 million project is Miami developer mFm Construction.
The deal comes as the housing market has gone cold. But some developers think there remains a vast pool of prospective home buyers who were long ago priced out and are still looking to buy -- particularly near where they work."
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