An “ambitious” 87-acre luxury mixed-use vacation village is in the works near Walt Disney World featuring five gleaming towers, shops, restaurants and resort amenities.
Orlando-based Magic Development LLC will start work on infrastructure in July on the first phase of its massive development called Magic Place, which will involve a 25-story, 251-unit resort tower, along with 40,000 square feet of retail space and a 20,000-square-foot office building on U.S. Highway 192 east of State Road 417.
That’s the first piece of the overall development that at buildout will include 250,000 square feet of retail and a total of 1,850 units that will be a mix of residential, condo and fractional units as well as nightly rental hotel rooms, which will have about $1.7 billion in construction value, said project manager James Mincy.
The project was designed by Italian designer Pininfarina, the same company best known for designing the Ferarri. “We’ve been working behind the scenes for the last year and a half on this project and now, we’re ready to rock ’n' roll on all the infrastructure in July,” said Mincy, who first joined forces with Magic Development founders and co-owners Rodrigo Cunha and Luis Claudio Sinelli in 2009 to build a vacation home community in Kissimmee. “This really is going to cater to the luxury market. And it’s ambitious. We’ll build about one building every four or five years, so it’s a 20- to 25-year project.”
Magic Place is the third piece of Magic Development’s new vacation village on Black Lake Road south of Disney’s Animal Kingdom theme park. Cunha and Sinelli first met Mincy years ago and decided to build vacation homes and operate them like a resort, Mincy told Orlando Business Journal.
The first project was what the group now calls Magic Village 1, a 180-unit short-term rental townhome development which is nearly 60 percent completed and on pace to sell out by year’s end, Mincy said.
Then, the group started infrastructure work earlier this year on Magic Village 2, which is another 194 short-term rental townhome units and a 68-unit fractional condo building called The Reserve. Both Magic Village projects are built on a resort-like property, which includes a clubhouse, pools, a restaurant and more.
Meanwhile, Magic Development plans to moves its headquarters from the Chase Plaza building in downtown Orlando to the office building in Magic Place once it’s completed. That building also will serve as a sales and preview center for the project, Mincy told OBJ.
Together, all three projects will likely have a buildout value of about $3.3 billion.
Source: Orlando Biz Journal