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Daily Real Estate News  |  September 21, 2006  |   Shaq Takes Jump Shot into Real Estate
Basketball star Shaquille O'Neal has started a real estate development company that already has bought more than $50 million in properties.

The properties are located primarily in California, Florida, New Jersey, and Texas. The new company O’Neal Group, will be based in Miami, where O’Neal plays for the Miami Heat basketball team.

O'Neal Group's first development project will be Metropolitan Miami, also known as the Met, which is being built by Miami-based MDM Development Group. The Met will have 1,100 residential units, including the 866-foot Met 3, the tallest residential tower south of New York, as well as an office tower, a hotel and the area's first Whole Foods Market Inc. store.

O'Neal plans to open a 24-Hour Fitness/Shaq Ultra Sport gym at the Met.

"I've been in real estate now for 10 to 12 years," O'Neal told Bloomberg News in a telephone interview. "This right here furthers my interest and lets people know I'm in the game and in the game for good."

Source: Bloomberg News (09/20/2006)

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