Magic Disappearing Act: Team Sold Out Of Suites At New Arena
By Don Muret, Staff Writer, SportsBusiness Journal
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| Magic Sell Out All 51 Suites In New Arena |
Three months after going to market, the Magic have received commitments for all 51 suites at its new arena, said Magic COO Alex Martins. HOK Sport's design for the $295M facility contains space on two premium levels for 56 suites tied to multi-year contracts with the flexibility to plan more units. Five of those are reserved for founding partners. Construction is scheduled to start August 1 to meet a fall 2010 opening date. "We never expected to be at this stage at this early juncture in the suite-selling process," Martins said. "The feedback has been that most companies see this as a long-term decision and the economy will rebound, and in time for when this building opens." Suite buyers are paying $10,000 non-refundable deposits up front for suites plus 25% of the first year's lease. The deals range from $150,000 annually for a three-year contract to $295,000 a year for five-, seven- and 10-year agreements. The 51 suites all have 16 seats; prices depend on location. The new arena's 66 loge boxes are expected to go on sale this month. The Magic have a database of 250 small to mid-size companies and individuals to contact. The four-seat units sell for $40,000 annually and six-seaters for $60,000, Martins said.
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