Golden Opportunity Zone: Even as his music career accelerates, Nipsey Hussle—pictured at the 61st Annual Grammy Awards—is focused on his next entrepreneurial move. The tattered stretch of West Slauson Avenue just off Crenshaw Boulevard in Los Angeles isn’t the first place you’d expect to see a Cadillac Escalade roll up and deliver a Grammy-nominated musician.
Change is coming to Crenshaw, and Nipsey is aiming to be on its bleeding edge: This month, Nipsey and business partner Dave Gross swooped in to pay “a couple million” for the plaza. Within 18 months or so, they’ll knock everything down and rebuild it as a six-story residential building atop a commercial plaza where a revamped Marathon store will be the anchor tenant.
For his first music video, he wanted to do something that both represented his hometown and offered a path to earnings beyond music. Leafing through an old yearbook, he noticed a picture of local legend Darryl Strawberry in a vintage Crenshaw High School baseball jersey. Nipsey ordered a batch of throwback blue-and-yellow shirts with “Crenshaw” scripted across the front to wear in the shoot.
He didn’t need the cash, thanks to his ancillary income and his TuneCore catalog, which was earning him monthly royalty checks in the low six figures. After a couple of years, though, Nipsey had built up a good amount of leverage. He decided to cut a deal with Atlantic that enabled him to make“It's a partnership. … I shook hands and said I wouldn't give full details, but we’re sharing everything: profit, masters,” he says. “I was holding out for a long time for these terms.
They eventually teamed up to buy the plaza on West Slauson, currently zoned for buildings that max out at 40 units. Nipsey and Gross are aiming for 100 units, which requires a lengthy entitlement process, so they’ve been working with the city and local council members on the details—hence the long timeline. And they’re building smart.
"The incentive needs to be powerful enough that it can unlock large amounts of capital, aggregate that capital into funds and force the funds to invest in distressed areas," billionaire Sean Parkerlast year."Instead of having government hand out pools of taxpayer dollars, you have savvy investors directing money into projects they think will succeed."
zogblog Crushed 💔
zogblog Rip
zogblog RIP BIG HOMIE HIS VISION WAS LEGENDARY. ALMOST REMIND YOU OF A YOUNG PAC, THE GOOD DIE YOUNG.
zogblog Thank you Zack for showing Nipsey love and highlighting his entrepreneurial success.
zogblog RIP
zogblog Dead men tell no tales.
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