Magic Clear Hurdle To Begin Entertainment District Development
The "final hurdle" for the Magic's $200M sports entertainment district "appears to be resolved and now the project is ready for early work to begin," according to Richard Bilbao of the ORLANDO BUSINESS JOURNAL. Magic CEO Alex Martins said the final piece of property that is "not cleared" is the home of the Orlando Union Rescue Mission, but he expects the team will be "able to demolish that building by the end of March/early April." The district will include a 250-room hotel, a 300-unit "residential tower" and 80,000 square feet of "event space." The district will also include 100,000 square feet of retail space, an "open-air plaza" and a 200,000-square-foot, seven-story office building. The development will be "built next to Amway Center." Martins said that the team has already "begun pre-leasing space" in the new office building and for the "retail tenants on the street level." The Magic are still "finalizing agreements for the hotel operator and multifamily residential operator." Martins said the "goal is to be in the ground no later than the end of this year" (BIZJOURNALS.com, 1/14).