NBA superstar Shaquille O’Neal is to invest $1bn (£530m) in a mixed-use development in Miami.

The Miami Heat star known as Shaq, today announced the launch of ‘The O’Neil Group,’ which will seek joint ventures and partnerships to acquire, develop and promote commercial and residential property schemes in the US.

O’Neal’s personal portfolio is valued at more than $50m (£26.5m) but the first project for the new venture will be a £1bn regeneration project in down-town Miami called Metropolitan Miami. The scheme will include 1,100 residential units, among them an 866 ft tower.

O’Neal said: ‘We’ve scoured the country to find an appropriate venue through which we could launch the O’Neal Group and ultimately we decided that the best place to start was in our own backyard with Metropolitan Miami. This is the largest residential development project in downtown Miami proper.’