The Orlando Magic of the NBA is joining the trend of sports and entertainment districts. The team has partnered with JMA Ventures LLC and Machete Group to finance and design a proposed $500 million project. Officials from the Magic have high hopes for this development, aiming for it to resemble L.A. Live, located across from Staples Center where both LA Lakers and LA Clippers play.
Spanning 8.5 acres opposite Amway Center’s northern entrance, this project envisions a hotel tower with 250 rooms, 420,000 square feet of office space (including corporate headquarters for the Magic), apartments, retail shops and restaurants in addition to a centralized plaza.
Construction is expected to begin by late 2024 with an estimated completion time frame of two-and-a-half years before its potential debut in 2026.
JMA Ventures LLC boasts extensive experience in development projects as well as acquisitions related specifically to sports ventures while Machete Group offers services such as venue development strategies along with transactional support on their website which features an impressive list of clients within the realm of professional athletics.
This article was originally published on Connect CRE.
