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Who's Afraid Of Downtown Malls?


In Business This Week

WHO'S AFRAID OF DOWNTOWN MALLS?

Are decaying inner cities a good investment? Ten of the country's top banks and insurers are betting yes. On Sept. 22, they were set to announce the creation of a novel $24 million equity fund to finance shopping centers--anchored by such big-league supermarkets as Pathmark and Safeway--in 12 to 14 inner cities nationwide. Put together by Local Initiatives Support, a New York group that funnels private-sector money to nonprofit community-based developers, the new initiative expects to generate an annual pretax return of at least 10% for investors that include such heavyweights as J.P Morgan, GE Capital Services, and Bankers Trust. Similar projects in Brooklyn, Newark, and Washington are thriving.EDITED BY THANE PETERSON


The Aging of Abercrombie & Fitch
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