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Orlando Magic’s $500M Proposal Set for Vote
The Orlando Magic NBA basketball team hopes to do what most sports franchises are trying to do; build sports and entertainment districts adjacent to their stadiums or arenas. The team’s plan is expected to be heard by the Orlando City Council later this month. Called the Sports + Entertainment District, it’s expected to cost $500 million and be spread out over 8.43 acres.
The Orlando Business Journal reports 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:
- A 261-guest room “lifestyle hotel” with an outdoor lounge and pool deck, 16,000 square feet of meeting space and a “chef-driven” restaurant concept
- Above the hotel will be 273 apartments, including 119 studios, 90 one-bedroom, 59 two-bedroom and five penthouse units.
- A 3,500-capacity music venue
- More than 200,000 square feet of Class A office space
- Roughly 100,000 square feet of retail space
