Pro Boxer, Partner to Invest $100 Million Into Latino Communities

Los Angeles-based Golden Boy Enterprises, led by Oscar De La Hoya, and Highridge Partners, an international real estate developer and investor headed by John Long, has announced the formation of Golden Boy Partners to revitalize and redevelop urban Latino communities.

Golden Boy Partners combines the talents and expertise of the two Los Angeles-based companies to address the escalating demand in urban Latino neighborhoods for safe quality housing, retail and entertainment options, and business and job creation.

The company plans to invest $100 million over the next three years, primarily in California cities with large Latino populations located in under-served, blighted areas.

"We aspire to a new vision of urban redevelopment, a vision that will support the dreams and aspirations of the people who live in these underserved Latino communities," De La Hoya said. "John and I both grew up in inner-city Los Angeles and we have a deep commitment to provide these communities with decent homes, good jobs and family-friendly environments -- developments they need and deserve."

Latinos, already the majority in Los Angeles County, now comprise one-third of California's population and are expected to become the largest segment by 2030, Long said.

"Today's Latino neighborhoods do not reflect the vibrancy and energy of their residents," he said. "They are often aging and neglected.

"Our goal is to transform existing properties through redevelopment and new development building, as needed, to create mixed-use environments that combine housing, retail, and commercial that will serve local residents."

Golden Boy Partners is also considering financing new and existing businesses in these communities in order to develop the mix of services that residents need and to create jobs, particularly for young people, De La Hoya said.

"The opportunity to own a home or a business fosters a sense of ownership in one's neighborhood and community that leads to increased safety, reduced crime, higher property values and greater self and family esteem," he added.

"By replacing aging, blighted properties with revenue-generating developments, Golden Boy Partners will improve a city's fiscal condition as well as physical condition," Long said.

The company is in close negotiations in several communities and expects to announce its first project within six weeks, Long said.

"We hope to be a catalyst to attract additional investments," he added.

Hugh Jackson, now an executive with a Highridge Partners affiliate, has been named president of Golden Boy Partners.

In addition to Long, De La Hoya and Jackson, other members of the Golden Boy Partners board of directors are: Richard Schaefer, CEO, Golden Boy Enterprises; Steve Berlinger, managing partner, Highridge Partners; and Jack Mahoney, CEO, Summit Commercial Properties, an affiliate of Highridge Partners.