Some of basketball’s biggest stars are getting into the real estate game.
Four NBA All-Stars — Kyle Lowry of the Toronto Raptors, Andre Iguodala of the Miami Heat, Jrue Holiday of the Milwaukee Bucks and Andre Drummond of the Los Angeles Lakers — are part of a group investing roughly $30 million into a new development in Boston, the Wall Street Journal reported.
The $1 billion mixed-use project is being developed by Tishman Speyer on land it’s leasing from Harvard University, according to the publication.
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The players joined the fund after Harvard asked the developer if it would sell 5 percent of the project to Black and Latino people. The developer agreed, and now around 150 Black and Latino investors, including real estate professionals and tech workers, have come on board.
A rendering of a portion of the University’s Enterprise Research Campus (Tishman Speyer)
Those investors are accredited, meaning they must have a yearly income of at least $200,000 or a net worth of more than $1 million, excluding their primary residence.
The first phase of the project is estimated to span around 900,000 square feet, and would have lab space, offices, retail, apartments and a hotel according to the Journal. It’s still in the process of getting city and state approvals.
[WSJ] — Keith Larsen