Orlando Magic’s $500M Sports and Entertainment Complex Set to Break Ground Soon, Confirm Team Executives
We are excited to share news about the long-awaited Orlando Magic’s Sports + Entertainment District, which is finally expected to break ground this year, generating substantial business opportunities for the region. Orlando Business Journal reports that the mixed-use sports complex is dubbed the Sports + Entertainment District and is preparing to break ground this year. The project has been in the works since 2011 but has yet to progress into vertical construction. The project is expected to be a significant development in downtown Orlando that will create more jobs, draw people to dine or shop in the area, and improve the cultural fabric of the region, making it enticing for business and professional relocation.
The project will cost over $500 million and will be built on roughly 8.4 acres in downtown Orlando. It is slated to include a hotel tower and more than 420,000 square feet of office space alongside restaurants, shops, and other amenities. The Magic’s proposed development has been compared to L.A. Live, a massive mixed-use destination across from the Crypto.com Arena, the home of the Los Angeles Lakers and Los Angeles Clippers.
Magic’s proposed development is another sign of downtown’s ongoing transformation in investment that should lead to more jobs and economic impact. We anticipate that ancillary real estate investments by professional sports teams are successful in generating new revenue and providing unique real estate options that can be used by expanding restaurants, shops, and more to grow the region.
No details have been offered on a specific contractor or architect for the project, but the team said it would provide future announcements on any updates, including the project’s financing. Last year, Orlando Magic CEO Alex Martins told Orlando Business Journal that the project would be completed by the middle of 2025.
Orlando Magic officials have expressed their enthusiasm regarding the project’s commencement, and we expect the project to attract the attention of young entrepreneurs and accomplished techies in the startup scene. Inno Under 25 has called for nominations, seeking the region’s youngest entrepreneurs and accomplished techies, which will generate a buzz about the project.
We look forward to future announcements and updates regarding this project, and we anticipate that this will boost the region’s economy and positively impact the Orlando community.