Word: urbanamerica
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...David Neeleman's jetBlue airline (January) celebrated its first birthday last month, took delivery of its 11th new Airbus 320 and prompted the Transportation Department to coin the term "jetBlue effect," which occurs when the upstart enters a market and fares dramatically drop. Richmond McCoy, whose real estate company UrbanAmerica (October) invests in impoverished areas, landed a $75 million credit line from Citigroup. And the edgy Catalan chef Ferran Adria (November) got his own cooking show on Spanish...
...UrbanAmerica has acquired $110 million worth of commercial property, including a shopping mall in Opa Locka, Fla., and medical offices in Las Vegas. The company finds creative ways to bolster communities--and thus protect investments. At Eastover Shopping Center in Oxon Hill, Md., UrbanAmerica is even building a 22,000-sq.-ft. police precinct to make the neighborhood safer and enhance property values...
That direction led to UrbanAmerica, the first real estate investment company to focus on distressed urban areas, a market sinfully ignored by most moneymen. Founded by McCoy in 1998, with backing by New York's Utendahl Capital Partners, the new company persuaded major banks like J.P. Morgan and Citibank to sign on as limited partners. "Demonstrating to them that they could invest institutional money in ethnic markets, receive a nice return and do some good along the way--that was a challenge," says McCoy. It helped that he was offering not only a profitable opportunity but also...
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