Magic Johnson Invests In Mount Vernon Neighborhood

Johnson's Canyon-Johnson Urban Funds is making a new investment in Baltimore's historic Mount Vernon neighborhood, partnering with local developer Struever Bros. Eccles & Rouse on a $34.6 million urban, transit-oriented, mixed-use development.

The new development, located on the northeast corner of Biddle and North Charles Streets, will consist of 88 for-sale condominiums above over 15,000 sq. ft. of street-level retail and 140 structured parking spaces.

The Mount Vernon project will be the Canyon-Johnson Urban Funds' second venture with Struever Bros. Eccles & Rouse (SBER). In 2005, the Canyon-Johnson Urban Funds (CJUF) and SBER partnered to develop Village Commons, a $90.0 million mixed-use development in Baltimore's Charles Village neighborhood adjacent to Johns Hopkins' Homewood campus.

The Canyon-Johnson Urban Funds (CJUF) are the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson's Johnson Development Corporation, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities.

With nearly $1 billion in committed equity capital, the funds are positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas.