NBA players invest $ 1 billion in Harvard real estate development

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Left to right: Jrue Holiday from Milwaukee Bucks, Andre Drummond from Los Angeles Lakers, Kyle Lowry from Toronto Raptors and Andre Iguodala from Miami Heat (Getty)

Left to right: Jrue Holiday from Milwaukee Bucks, Andre Drummond from Los Angeles Lakers, Kyle Lowry from Toronto Raptors and Andre Iguodala from Miami Heat (Getty)

Some of basketball’s biggest stars are starting out in real estate.

Four NBA Stars – Kyle Lowry of the Toronto Raptors, Andre Iguodala of the Miami Heat, Jrue Holiday of the Milwaukee Bucks, and Andre Drummond of Los angeles lakers – are part of a group investing about $ 30 million in a new project in Boston, according to the Wall Street Journal.

A US $ 1 billion mixed-use project is developing Tishman Speyer on the ground is rent from Harvard University, according to the publication.

Players joined the fund after Harvard asked the developer to sell 5 percent of the project to blacks and Hispanics. The developer agreed and now we have about 150 black and Hispanic investors joining us, including real estate professionals and technical workers.

Visualization of a part of the university research campus (Tishman Speyer)

Visualization of a part of the university research campus (Tishman Speyer)

These investors are accredited, which means they must have at least US $ 200,000 in annual income or over US $ 1 million in net worth, excluding their primary residence.

First stage project The magazine estimates the area is about 900,000 square feet and will house laboratory facilities, offices, shops, apartments and a hotel. He is still in the process of getting city and state clearance.

[WSJ] – Keith Larsen

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