Orlando Magic CEO Shares Plans For $500 Million Entertainment District
CEO Alex Martins of the Orlando Magic has disclosed significant developments regarding the Sports + Entertainment District, a project of immense scope and investment.
This month, a pivotal city council vote is scheduled for the $500 million venture, designed to occupy approximately 8.43 acres adjacent to the city-owned Kia Center. Following a panel event hosted by the Sports Business Journal at the arena on April 3, Martins unveiled this crucial update. Pending approval, construction is slated to commence by the year’s end.
The Orlando Magic Is Partnering With JMA Ventures And Machete Group
Partnering with JMA Ventures LLC of San Francisco and Houston’s Machete Group, the Magic’s SED Development LLC is spearheading this expansive 900,000-square-foot mixed-use project. The initial phase encompasses:
A 261-room “lifestyle hotel” featuring an outdoor lounge, pool deck, 16,000 square feet of meeting space, and a “chef-driven” restaurant.
Above the hotel, 273 apartments, comprising 119 studios, 90 one-bedroom, 59 two-bedroom, and five penthouse units.
- A 3,500-capacity music venue.
- Over 200,000 square feet of Class A office space.
- Roughly 100,000 square feet of retail space.
- A 1.5-acre “urban living room,” offering flexible green space for events.
1,140 on-site parking spaces.
Hoping To Near Completion By 2026
The objective is to complete the initial phase by the close of 2026, with prospective future phases potentially introducing additional apartment developments.
Martins also highlighted the district’s potential to bolster the city’s bid for hosting the NBA All-Star Game, which could happen as early as 2028. Orlando last hosted the prestigious event in 2012.
Accommodating Various Game-Related Activities
Furthermore, the project is set to enhance the region’s hospitality and conference facilities, crucial for accommodating various game-related activities like fan fests and sponsor events.
“It’s become a much bigger event than what it was in 2012,” remarked Martins during the panel event, citing the significant economic impact observed in Indianapolis in recent years.
Coupled with ongoing projects, the Downtown Orlando Community Redevelopment Agency/Downtown Development reports a pipeline of 20 proposed ventures worth over $1.45 billion. These include thousands of residential units, hundreds of hotel rooms, and substantial retail and office spaces, promising a vibrant future for downtown Orlando.
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