Magic Johnson, Partners on $1 billion Development in Atlanta
The Canyon-Johnson Urban Fund (CJUF), Daniel Corporation and Selig Enterprises has announced plans for the revitalization of three blocks of Atlanta's Midtown area.
The partners have strategically assembled three city blocks at the intersection of Peachtree and 12th streets to create a robust master plan in the heart of Midtown, which will feature more than 1.2 million square feet of Class A office space, over 500 hotel rooms, more than 600 residences and up to 150,000 square feet of flagship retail space. The development is designed to enhance the pedestrian streetscape and to maximize views of the Atlanta skyline and Piedmont Park. The street level has been carefully designed to accommodate the demands of world-renowned flagship retailers, including 35-foot-high storefronts and super-graphic displays, for a commanding presence along Atlanta’s Midtown Mile. The retail features are akin to the much heralded Magnificent Mile in Chicago.
“The Canyon-Johnson Urban Fund is dedicated to bringing quality residential and retail opportunities to rapidly growing urban areas, such as Midtown Atlanta,” said CJUF Partner Earvin “Magic” Johnson. “We enjoyed working with Daniel and Selig on The Plaza Midtown and look forward to continued success with these well established partners. Thanks to Mayor Shirley Franklin’s leadership in urban redevelopment this is an exciting time to continue investing in the City of Atlanta.”
Previously, Daniel Corporation, Selig Enterprises and the Canyon-Johnson Urban Fund (CJUF) partnered to create the highly successful The Plaza Midtown mixed-use development, consisting of two towers with 418 condominiums atop 70,000 square feet of street-front retail anchored by a 33,000-square-foot Publix.
“The 12th & Midtown project is consistent with our prior investments aimed at accelerating the redevelopment of urban Atlanta,” said CJUF Managing Partner Bobby Turner. “Canyon-Johnson is proud to work with proven local partners like Daniel Corporation and Selig Enterprises to spur investment and enhance value in urban neighborhoods throughout America.”
“Midtown Alliance is overjoyed that this development team is helping to turn the ‘Midtown Mile’ vision into reality,” said Susan Mendheim, president and CEO of Midtown Alliance. “We appreciate working with community leaders like Steve Baile and Scott Selig who demonstrate such a strong ongoing commitment to Midtown’s growth.”
The Canyon-Johnson Urban Funds are a joint venture between Canyon Capital Realty Advisors and Earvin “Magic” Johnson. With nearly $1 billion in committed equity capital, the fund is positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas.
