Pension Funds Gamble On Urban Renewal

Even though retirement money is pouring into the inner-city for retail development, the risk may still outweigh the gain.
June 3, 2004, 8am PDT | Jeffrey Goodman
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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.

Thanks to Jeffrey Goodman

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Published on Wednesday, June 2, 2004 in Business Week
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