by Frances Esguerra
Retired San Antonio Spurs legend David Robinson is helping to raise $50 million for a new investment fund designed to help develop struggling Texan neighborhoods. His partnership with Blueprint Local aims to strengthen economically-depressed communities by injecting capital into “Opportunity Zones.”
Opportunity Zones is a federal tax provision established under the Tax Cuts and Jobs Act of 2017 that offers investors preferential tax treatment on investments in designated distressed communities. Robinson and Blueprint Local’s goal is to use capital as a tool to boost local economies in neglected neighborhoods.
“It’s an opportunity,” Robinson explains, “to invest locally and build communities without taking that money out of the communities, whereas somebody who builds a Home Depot or a new hotel or something, that money might go back to New York. What we’re doing is trying to keep a lot of that money in the communities.”
The 10-time NBA All-Star and two-time NBA champion is also the founder of Admiral Capital Group, a real estate and private equity firm with a strong commitment to inclusive community development focused on a improving education and creating positive social impact. Robinson is also co-founder of Carver Academy, a faith-based private school that serves over 10,000 students from pre-K through 6th grade, all coming from diverse socio-economic backgrounds. With 24 charter schools already, he aims to open 40 schools within the next four years.
Why We Like It:
Well after his impressive basketball career that includes helping San Antonio win two NBA championships, David Robinson is still making an impact on Texas for the better. A successful investor and philanthropist with a long history of giving back to Texan communities, the Hall of Famer’s outstanding charitable efforts has made “The Admiral” an admirable figure in the community and an inspiration to numerous other pro-athlete impact investors, including Shane Battier, Tony Parker and Zach Ertz, who have shown their support for Admiral Capital Group. David Robinson leads by example in using his platform and resources to help facilitate positive social impact for his local communities.