Magic Johnson Announces Nashville Investment

NASHVILLE, Tenn. - Former NBA star Earvin "Magic" Johnson announced plans to invest in a multi-million dollar condo project in Nashville Thursday.

The $20 million investment is from his fund, the Canyon-Johnson Urban Fund, and it will be for a mixed-use development in the Gulch. The Gulch is an arts redevelopment district on the edge of Nashville's central business district.

Johnson and other investors made the announcement Thursday morning.

The Canyon-Johnson Urban Fund, a real estate investment fund focused on urban revitalization, has invested with Charlotte-based Crosland in Terrazzo. Crosland is developing Terrazzo, a $65 million project under construction off 11th Avenue South.

Canyon-Johnson Urban Fund will be the largest partner in the condo project.

While in town, Johnson met with several children affiliated with an arts program. He encouraged them to stay in school and to dream big.