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| Boston: Magic Johnson Builds Affordable Units |
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(July 12, 2006) -- Basketball great Earvin "Magic" Johnson is teaming up with a former nemesis, Larry Bird, to build 146 Boston condos in an old factory in Charleston priced from under $200,000 to the low-$300,000s.
Johnson's nearly $1 billion Canyon-Johnson fund, the majority financier of the project, specializes in investing in racially diverse urban areas and has worked on projects in Milwaukee, Hollywood, and Miami.
The Canyon-Johnson fund joined Cathartes Private Investments, a Boston-based real estate investment company that has built more than $500 million of property throughout New England and New York, and has several other projects elsewhere in Boston. Canyon-Johnson would not disclose how much the fund is investing in the project, but managing partner Bobby Turner said that it was providing the majority of the financing.
The developers expect to begin construction this fall, and the first units are scheduled to be available in early 2008.
Fifteen of the units will be sold through a lottery to buyers meeting certain income requirements. The ownership income limit for a family of four is $91,784, according to the Boston Redevelopment Authority. The rest will be available to the general public.
Source: The Boston Globe Kim-Mai Cutler (09/11/2006)
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