Webber the businessman

#1
This isn't hoops-related, but it may be of interested to C-Webb fans:

http://sacramento.bizjournals.com/sacramento/stories/2004/10/04/story1.html

Webber suits up as developer

King floats local plans; breaks ground in Chicago

Kelly Johnson, Sacramento Business Journal, 10-1-04

Like former NBA stars Earvin "Magic" Johnson and Kevin Johnson before him, Sacramento King Chris Webber has ventured into commercial development.

Webber intends to unveil projects for the Sacramento area soon. His recently founded Maktub LLC broke ground in mid-September in Chicago on its first commercial development -- four luxury condominiums of about 2,200 square feet each.

And some locals in the Greater Sacramento development community, relaying information from potential investors who had been invited to Webber's house in Granite Bay, say the basketball player is tossing around ideas about possible local projects.

One project Webber has kicked around, said John Frisch, manager of Cornish & Carey Commercial/Oncor International's Sacramento office, was a 50-acre entertainment, retail and office complex near Arco Arena. However, "It's not what he's working on currently," said Erika Bjork, community development director for C. Webb Inc., his company.

Webber, who splits his time between Sacramento and Michigan, expects to release information regarding his development plans for the capital region and Detroit as they're confirmed in the near future, Bjork said.

Webber may also be considering projects in Placer County, Frisch said.

"He's always going to have his mind open to anything," Bjork said. "I wouldn't rule out any area or county, for that matter."

Making a 'positive difference': Webber, who is heading into the fourth year of his seven-year, $122.7 million contract with the Kings, founded Maktub this year with Chicago businessman Ghian Foreman. They're both Maktub managing partners.

Maktub is an investment and development firm focused on revitalization and commercial projects. Foreman was previously a business development manager for HSBC, Bjork said, in where he oversaw corporate partnership development.

They've embarked on commercial development to make a lasting difference, Webber said in a prepared statement announcing the Chicago project.

"This is the first of many development projects for Maktub LLC," Webber said. "Our company represents the passion and drive both Ghian Foreman and I have to bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community.

"My successes in life may be known primarily for what I do on the basketball court," he said. "I hope through Maktub LLC, the Chris Webber Foundation and future development projects that I will be able to leave a more substantial and positive difference in the lives of others."

Yes, no, maybe so: Many current and former pro athletes get into real estate development, but more commonly they're investors in projects, preferring to stay in the background and are not actively involved in the decision-making, said Lisa Strohman, partner in Phoenix-based Premiere Consulting Strategies, which advises current and retired athletes on financial, professional and other issues.

Often their agents or financial advisers guide them into such projects. What Webber is doing -- having his own development company -- is more unusual, she said.

"He's got good people" helping him with his business ventures, added Strohman, who has met Webber.

Sacramentans are most familiar with the development activities of Kevin Johnson, retired from the Phoenix Suns. Johnson's development projects have focused on revitalizing Sacramento's Oak Park, the neighborhood where Johnson grew up.

Becoming an NBA star athlete is hard work and so is becoming a successful developer, Frisch said. It takes more than a big bank account and star power to succeed in development.

"I don't think he should be doing this," Frisch said. "Why is that? It's a lot harder than it appears to be. What his career is is challenging enough."

"Magic Johnson has done it," Frisch continued. "But he's almost as good a businessman as a basketball player. That's really unusual."

Magic Johnson and NBA legend Michael Jordan surely are role models, he said.

Successful developers need credibility and capital. "If he can bring both of those to the table, then he will be successful," Frisch said.

Still, he said, Webber knows his adopted town and Sacramento is growing. For those reasons, Frisch said, "I think this would be a great place for Chris to start if he can round up the investors."

Ups and downs: Webber's reputation in Sacramento and throughout the league has been rocky at times. He had faced trial on perjury charges in connection with a probe of improper donations in his college basketball days, but pleaded guilty in 2003 to a reduced charge of criminal contempt. In 1998 he was cleared of misdemeanor charges of possessing marijuana and resisting arrest during a traffic stop. Some Kings fans had hurt feelings when Webber threatened to leave Sacramento -- but that was before gaining in 2001 his seven-year, $122.7 million contract.

On the court, Webber is one of the NBA's best players.

Off the court, Webber has received NBA awards for community service. He set up the Chris Webber Foundation to provide community outreach in Sacramento and in his hometown of Detroit. He was named 2003 "Wish Maker of the Year" by the Sacramento Make-A-Wish Foundation and he's on the national advisory council for Make-A-Wish.

He also has a significant collection of African-American artifacts that he puts on public view at no charge.

In January, Webber became a partner in the Great Lakes Storm basketball team in Birch Run, Mich., with the Continental Basketball Association.

 

VF21

Super Moderator Emeritus
SME
#2
Thanks for the story!

The Sacramento Business Journal is rapidly becoming one of my favorite reads. They've had some very GOOD articles about the arena, too. In fact, they've put the Bee to shame more than once with their non-biased reporting of the whole new arena issue.
 
G

Garliguy

Guest
#3
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?

What a load of crap. Chris Webber = the spinmeister supreme.
 
#4
Garliguy said:
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?

What a load of crap. Chris Webber = the spinmeister supreme.
They have plans that will be unveiled for Sacramento soon, those 4 condos are in Chicago, that is the investment companies first project. I suspect that has put some contractors to work.
 
#5
Garliguy said:
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?

What a load of crap. Chris Webber = the spinmeister supreme.
Funny and predictable.

Try reading what the article says, rather than what you want it to say.


"This is the first of many development projects for Maktub LLC," Webber said. "Our company represents the passion and drive both Ghian Foreman and I have to bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community.
 
G

Garliguy

Guest
#6
Good one, NME! Webber is THINKING about doing more things.

Hey, I hear he has a bridge in Brooklyn that he'd like to sell you. You should check that out.
 
#7
Garliguy said:
Good one, NME! Webber is THINKING about doing more things.

Hey, I hear he has a bridge in Brooklyn that he'd like to sell you. You should check that out.
You aren't biased at all.
 
#8
Garliguy said:
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?

What a load of crap. Chris Webber = the spinmeister supreme.
Jeez, it's a start. Check your bias at the door.
 
#9
Garliguy said:
Good one, NME! Webber is THINKING about doing more things.

Hey, I hear he has a bridge in Brooklyn that he'd like to sell you. You should check that out.
Starting a development company and saying that there are plans that will be announced is quite a bit more than just thinking about it.

So just for the record, you anticipate that those four condos is all that the company will ever do and for it to be otherwise is as likely as finding a unicorn on your front lawn...because it's Webber that said it?
 
#10
NME said:
Starting a development company and saying that there are plans that will be announced is quite a bit more than just thinking about it.

So just for the record, you anticipate that those four condos is all that the company will ever do and for it to be otherwise is as likely as finding a unicorn on your front lawn...because it's Webber that said it?
I have a friend that works at arco arena, a fan got a flat...chris webber stopped to see if they needed help...sounds like a nice guy to me.
 

VF21

Super Moderator Emeritus
SME
#11
Garliguy said:
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?

What a load of crap. Chris Webber = the spinmeister supreme.
Does that blind hatred get in the way of your normal life?
 
G

Garliguy

Guest
#12
Hmm. It appears that VF's admonition to all that we must not call each other "haters" does not apply to her. Interesting.
 
M

Mike B

Guest
#15
Garliguy -

Don't you know that most developers are in it for the "charity" of it all?

It isn't the money that motivates developers, it's the altruism!

Personally, I LOVE blind hatred. It doesn't get in the way of any part of my life. It makes life just that much sweeter and more fulfilling. Any opportunity to embrace blind hatred is just an opportunity to experience life more fully. The life without blind hatred just isn't worth living.
 
Last edited by a moderator:
#16
Mike B said:
Personally, I LOVE blind hatred. It doesn't get in the way of any part of my life. It makes life just that much sweeter and more fulfilling. Any opportunity to embrace blind hatred is just an opportunity to experience life more fully. The life without blind hatred just isn't worth living.
:-\ when i think of blind hatred i think of groups like the KKK
 

VF21

Super Moderator Emeritus
SME
#17
Mike B said:
Garliguy -

Don't you know that most developers are in it for the "charity" of it all?

It isn't the money that motivates developers, it's the altruism!

Personally, I LOVE blind hatred. It doesn't get in the way of any part of my life. It makes life just that much sweeter and more fulfilling. Any opportunity to embrace blind hatred is just an opportunity to experience life more fully. The life without blind hatred just isn't worth living.
Since you're apparently speaking for Garliguy, I'll just take that for a "no."
 

CruzDude

Senior Member sharing a brew with bajaden
#18
So far just words and ideas. But that's how projects get started. Let's give him a bit and see if his Sacto area "projects" are beneficial to many or turn out to be like his Chicago condo "project". I suspect we'll see a youth or community oriented project as soon as he can sort through what must now be a 100 ideas from others. Maybe he will follow Kevin Johnsons lead.
 
#19
Garliguy said:
How exactly does building four luxury condominiums of about 2,200 square feet each "bring jobs, revitalize neighborhoods and inspire other individuals and businesses to invest in the community"?
Ha! As far as bringing jobs goes, someone's got to keep those condos clean, tend the yards etc. ;)
 
G

Garliguy

Guest
#20
Excellent point! Maybe that is what Webber meant. He is such a humanitarian.


P.S. Nice to see you back.
 
M

Mike B

Guest
#22
The fact that the term "blind hatred" was even used is a testament to the disingenuous nature of the question.
 
#23
When you have a property, you have to have a property management team. You need a receptionist, peopel to do filing and billing, keep files in order, and a supervisor. Also, you have someone that is the head of that branch for the property management company. They'll probably have maintenance people as well. Those are jobs. It's a start.
 
#24
CruzDude said:
So far just words and ideas. But that's how projects get started. Let's give him a bit and see if his Sacto area "projects" are beneficial to many or turn out to be like his Chicago condo "project". I suspect we'll see a youth or community oriented project as soon as he can sort through what must now be a 100 ideas from others. Maybe he will follow Kevin Johnsons lead.
I doubt it, once his contract is up he'll bolt, more than likely. So any local projects will probably be minor and temporary...but who knows.
 
#25
Frankly, I don't see what the big deal is. Chris does not have a smooth relationship with the general public, so I don't really have a high expectation, or interest where he chooses to invest his savings.

Keep in mind, the key word being "invest". For-profit businesses should be expected to put revenue generation before altruism. If he can do both, even better.

But I think Garli's point in calling it spin was that these luxury condos aren't designed to benefit the disenfranchised, it's to provide revenue for Chris' new corporation. So to say otherwise comes across as BS. And frankly, Webber is not comparable to KJ or Magic, because both of those guys have affable personas. Chris doesn't have that kind of relationship with the media. He's almost in the same ballpark as Barry Bonds.
 
Last edited:
G

Garliguy

Guest
#26
Yes AKS. And Magic and KJ invested in their own lower-economic communities. Webber invested in luxury condos in Chicago. Kind of a big difference.
 
#27
What difference does it make, really? After all, Webb could build an orphanage, employing only nuns, and some would still find some issue with it. :p
 

Bricklayer

Don't Make Me Use The Bat
#28
Actually given that Webb cofounded this company with a Chicago businessman, and has no particular connection with Chicago himself, I would assume that this first Chicago project is primarily his partner's deal. Anything popping up in Sacto or Detroit would probably be Webb's.
 
#29
Considering Webber only said that he hoped to do good things with this endeavor, and the article stated that the business was meant for revitalization and commercial projects, I think all you can do is praise Webber for what he says he intends to do, express your skepticism if you have any about whether he'll follow through, and hope that he does. Well, at least that's what I would do.
 
#30
Kingsgurl said:
What difference does it make, really? After all, Webb could build an orphanage, employing only nuns, and some would still find some issue with it. :p
hahaha you can read a lot of interesting things on this forum