URBAN DEVELOPMENT
Health is of vital importance to the former professional athlete, which is why he “jumped at the chance†to develop more than a dozen 24 Hour Fitness Magic Johnson Sports Clubs. The gyms are based in areas where he has an established presence with his other ventures in California and Texas, in cities such as San Diego, Oakland, Compton and Arlington. In 2001, Magic joined together with Canyon Capital Realty Advisors–one of the country’s largest private real estate companies–to redevelop properties in urban communities. Fused together, the Canyon-Johnson Urban Fund as it’s called, recently signed on as the sponsoring agency to develop One Santa Fe, a $160 million mixed-use project under construction in the downtown Los Angeles Arts District. According to MarketWatch, “One Santa Fe will include 438 apartments and 78,620 square feet of office and retail space, along with nearly 50,000 square feet of public outdoor space.â€