Orlando Magic Continue to Refine Design of Sports and Entertainment Development
ORLANDO - In an effort to continue the revitalization of downtown Orlando and Parramore, and to centralize the Orlando Magic staff downtown, the team continues to make progress on the Sports and Entertainment development design which will represent a $200 million-plus investment by the Magic and its partners that will create jobs and provide dining, hotel, living, and entertainment options.
The design will feature class A office space, multi-family residences, a first-class hotel with meeting and event space, a multitude of dining options, and a vibrant central events plaza with the latest in WiFi, lighting, audio, and digital experiences.
The proposed office building, which will become the Orlando Magic’s headquarters, will feature approximately seven levels (~200,000 square feet) of office space, and a 3/1,000 SF parking ratio, while the tenant experience will include tomorrow’s tech in regard to renewable utilities, security, transportation, digital infrastructure, and health and wellness.
“Like with the Amway Center, this has been several years of planning and working with the City to find the right avenue to add another iconic destination that will add to the core of downtown,” said Magic CEO Alex Martins. “We look forward to entering this new stage as we work with our partners to make Orlando a great place to live, work and play.”
The development, situated next to Amway Center, is located north of Church Street, east of Division Avenue, south of Central Avenue and west of Hughey Avenue. This development will further enhance the Magic’s expanding footprint in downtown Orlando, while complementing the Amway Center and Orlando City Soccer’s stadium. The city-owned, Magic-designed Amway Center, where the Magic have played their home games since 2010, has been widely hailed as one of the finest sports facilities in North America. It was named the 2012 Sports Facility of the Year by the SportsBusiness Journal. The dazzling facility also allowed Orlando to play host to the 2012 NBA All-Star Game. Orlando Mayor Buddy Dyer has taken great pride in the success of the Amway Center, hailing it as “the envy of everyone in the NBA and the envy of everyone around the country.”
The Magic’s major investment also continues their efforts in the revitalization of downtown Orlando and the Parramore neighborhood. The Magic and the Parramore community have long been partners in helping the citizens of that region. The Magic have given more than $1 million to the Parramore community while also donating thousands of community service hours, building nine reading and learning centers and two playgrounds, and providing hundreds of backpacks with school supplies.
Martins is proud that the Magic have been able to broaden their footprint downtown so that they can continue to be socio-economic growth catalysts for the area. Martins is also extremely proud that the Magic will continue to be leaders in the growth and development of Parramore.
“It’s our neighborhood and it’s important to us that we continue to help revitalize it,” Martins said of Parramore. “We think this is another significant step. Like the great addition of Orlando City Soccer’s stadium, hopefully this is a spark for others to invest in that part of downtown. Downtown really stretches from Orange Avenue to Camping World Stadium. So, this is an opportunity to spark the western side of that stretch.”
The project now enters the phase of procuring tenants for the office and retail components of the project. As such, Foundry Commercial will assist in securing qualified marquee office tenants while JLL will assist in securing qualified marquee retail tenants for the project.
Rendering 1: View from Amway Center tower looking to northwest. At left is hotel with meeting and event space; at center of rendering is the multi-family tower; at right side of rendering is the office building; structured parking extends from below office structure to multi-family structure; retail on the ground floor throughout.
Rendering 2: Aerial view looking from southeast to northwest. At left is hotel with meeting and event space; at top of rendering is multi-family tower; right side of image is the office building; structured parking extends from below office structure to multi-family structure; retail on the ground floor throughout.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 301 employees and more than 48 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $1 billion in advanced investment opportunities in partnership with its clients. Foundry Commercial was founded by CNL Commercial Real Estate in 2007 and launched as Foundry in 2016 through a management-led buyout.
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