Boxing legend Oscar de la Hoya on Wednesday formed a partnership with El Segundo-based real estate developer Highridge Partners Inc. to invest $100 million over the next three years in redevelopment projects in run-down California cities that have large Latino populations.
The firm is currently scouting locations to purchase and is expected to announce its first mixed-used project within two months.
"The idea is to take these very urban neighborhoods and either redevelop them or find these urban infill sights and design and build from the ground up," said Barbara Casey, an outside spokeswoman for the joint venture called Golden Boy Partners.
De la Hoya made a commitment to the venture because he feels Latino-dominated areas are often overlooked for major development projects, Casey said.
For reprint and licensing requests for this article, CLICK HERE.