The Orlando Magic of the NBA has joined the trend of creating sports and entertainment districts. The team has partnered with JMA Ventures LLC and Machete Group to finance and design a proposed $500 million project. The goal is for this development to resemble L.A. Live, located across from the Staples Center which houses both LA Lakers and LA Clippers.
Spanning 8.5 acres, this project will feature a 250-room hotel tower, 420,000 square feet of office space (including the Magic’s corporate headquarters), apartments, retail shops, restaurants,a centralized plaza,and more.
Construction is expected to begin by late 2024 with an estimated completion date in early 2026.
JMA Ventures LLC specializes in development and acquisitions related to sports projects while Machete Group offers strategic services for venue development as well as transactional support for various clients within the sports industry.
This news comes as no surprise given that many teams are now looking towards these types of developments in order to enhance their fan experience outside of game days.
