Orlando Magic CEO reveals next steps for $500 million downtown entertainment district - Orlando Business Journal
Here's what will come next for the Orlando Magic's 900,000-square-foot downtown sports and entertainment development that will be built north of the Kia Center. The Orlando Magic's Sports + Entertainment District is up for a crucial city vote, according to CEO Alex Martins. The $500 million project is set to be built on roughly 8.43 vacant acres near Kia Center and is expected to go before the Orlando City Council later this month. If approved, it could begin construction by the end of this year. The project will be a 900,000-square-foot mixed-use project, with the goal of finishing the first phase by 2026. The development could help Orlando's efforts to host the NBA All-Star Game, which last hosted in 2012 and could return in 2028.
Veröffentlicht : Vor 2 Monaten durch Ryan Lynch in Sports Business
The Orlando Magic's Sports + Entertainment District is in line for a key city vote this month, according to CEO Alex Martins.
Leadership for the $500 million project — set to be built on roughly 8.43 vacant acres to the north of the city of Orlando-owned Kia Center — wants it to go before Orlando City Council later this month, Martins said after an April 3 Sports Business Journal panel event at the arena. If approved, that would put the development on a path to kick off construction by the end of this year.
San Francisco-based JMA Ventures LLC and Houston-based Machete Group are working with the Magic's SED Development LLC on what will be a 900,000-square-foot, mixed-use project. Included in the first phase of development will be:
The goal would be to finish the initial phase by the end of 2026. Proposed future phases bring the potential for more apartment development on the site.
Martins added that the development could help the city's efforts to draw the NBA All-Star Game to the region. Orlando last hosted in 2012, and the earliest it could be named host again is 2028.
The project would add to the hotels and conference space the region already has, which is important with all the activities tied to the game, such as fan fests, sponsor events and more.
"It's become a much bigger event than what it was in 2012," Martins said during the panel event. "It was a $100 million economic impact to our community back then. This year in Indianapolis it was a $300 million economic impact, so it's become a much bigger event than it was before."
Including the district, the Downtown Orlando Community Redevelopment Agency/Downtown Development said that as of March, there are 20 proposed projects worth over $1.45 billion in the pipeline, including:
Sign up here for the Business Journal's free morning and afternoon daily newsletters to get the latest business news affecting Central Florida. For more business intelligence, follow us on LinkedIn, Facebook, X (formerly known as Twitter) and Instagram.
Themen: Basketball, Business Leaders, NBA, Orlando Magic