Magic Development gearing up for groundbreaking at $1.7B Magic Place

Magic Development's $1.7 billion Magic Place on Kissimmee's W192 tourist corridor remains on track to break ground before the end of the year, with a sitework Request for Proposals (RFP) expected within the next month.

Project Manager Hector Lizasuain told GrowthSpotter the company has shortlisted eight architecture firms to partner with master designer Pininfarina. 

"Right now, we're working on an RFP for sitework," he said. "We hope to have a bid out on the street in the next couple of weeks with a deadline in late October. By then, our last (Department of Environmental Protection) permit should be in place."

The 87-acre luxury branded community would have 10 residential towers for a total of 1,850 units, plus 250,000 square feet of retail, dining and offices.

The first phase would be built on the eastern portion of the property, which doesn't require wetland mitigation. It would include the first two residential towers as well as some retail, a wellness center and Magic Development's new 25,000-square-foot office space. 

"As soon as we break ground on Phase 1 we'll start design work," Lizasuain said. "We're still about seven months away from (completing the wetland) mitigation on the west end. Then we should start design work on all the retail up front. The reason we're doing that first is because it's the most valuable piece of property."

The residential buildout is expected to take at least a decade, but Magic hopes to break ground on the retail frontage before the end of 2017. Lizasuain said the design work for the retail center should be completed by July. 

"Even if we design it, the county won't release (the site) until we complete the mitigation," he said.

Magic Place is the largest of Magic Development's four Kissimmee-area projects. Magic Village Resort opened in 2015, and the developer is about a month away from starting vertical construction on the $73 million Magic Village 2 Resort. 

For more information, visit the Magic Development project page on GrowthSpotter. 

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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