Magic Johnson, partners announce Atlanta project

Retired Los Angeles Lakers star Earvin "Magic" Johnson and two developers announced a $1-billion development in Atlanta's Midtown area.

The project at Peachtree and 12th streets will have 1.2 million square feet of office space, more than 500 hotel rooms and more than 600 condominiums. It also will have 150,000 square feet of retail space, according to a statement issued by Johnson and partners Daniel Corp. and Selig Enterprises Inc.

"This is a project that is going to position Midtown as a community where you can live, work and play," said Bobby Turner, managing partner of Canyon-Johnson Urban Funds, an organization set up by Johnson to invest in real estate.

Closely held Canyon-Johnson Urban Funds is a joint venture with Beverly Hills-based Canyon Capital Realty Advisors that was created to develop real estate.