Former Uber CEO Travis Kalanick will be running a company focused on redeveloping distressed property, particularly old industrial sites.
Kalanick, who resigned as head of Uber last year, said on his Facebook page that the company, called City Storage Systems, will be the first “big bet” for an investment fund that he launched earlier this month. The fund, called 10100, is investing $150 million in City Storage Systems.
CSS will do redevelopment of parking, retail and industrial spaces, Kalanick said.
“There are over $10 trillion in these real estate assets that will need to be repurposed for the digital era in the coming years,” he wrote.
“The $150 million investment in CSS is driven by the massive opportunity to reposition unproductive assets to fuel job creation,” Kalanick wrote on his page.
My new gig… pic.twitter.com/vpD528cdyf
— travis kalanick (@travisk) March 20, 2018
The company will have a unit focused on reclaiming old spaces for new restaurants, and another focused on finding spaces for the retail industry.
Kalanick said it will be a 15-person startup, and he’s looking for workers.
Kalanick was a volatile presence at Uber, and was ousted by investors following a serious of high profile problems and scandals. Bloomberg reported earlier this year he sold some of his Uber shares for more than $1 billion. Kalanick is also serving on the board of healthcare tech startup Kareo.