Just weeks from breaking ground on the $1.7 billion Magic Place community, Magic Developmentis tweaking its Phase 1 site plan to add more retail space.
Project Manager Hector Lizasuain told GrowthSpotter the company will delay construction of its 20,000-square-foot corporate headquarters and sales office until Phase 2, in order to satisfy demand from retailers looking to establish a foothold in the luxury branded community.
"We're focusing on retail because right now the retail market is exploding on W192 –so we're moving it up," he said. "The land is too valuable right now to let it sit. If you take that 20,000 square feet and put it out on the market, it's just better for us."
Magic's design and branding partner, Pininfarina, has released a new series of renderings of the retail concepts featuring sleek curved buildings with canopies supported by tree-like columns.
"We definitely want to have a wow factor," Lizasuain said. "The overall concept is to create a sense of place. We want people visiting Central Florida and Magic Place to feel homesick for that area when they leave."
Magic and SRS Real Estate Partners are targeting high-end retailers consistent with the luxury brand. "We've kicked around the idea of, by the time it's said and done, being closer to 300,000 square feet of retail, and maybe even allowing some designer outlets," Lizasuain said. "We feel there's not enough of that on 192."
Magic has hired SDC Site Development for the site prep and infrastructure work for Phase 1. Lizasuain said the contractor has requested a preconstruction meeting with Osceola County and will begin clearing the site as soon as the final permits are in hand.
A formal groundbreaking ceremony will be scheduled at a later date.
Lizasuain said horizontal construction costs for Phase 1 will come to about $3.8 million, and the site work will take about five months. Vertical construction on the first tower (240 condos) and retail should be underway by June.
"We could have some of those buildings up by the end of 2017," he said. "The condo tower will take about a year and half to complete."
Phase 1 comprises about 25 acres on the eastern side of the property and the first of three entrances off W192. The road will utilize a traffic circle which will feature a large sculptural art piece. The master plan also calls for multiple parks and sculpture gardens.
"Overall vertical will be upwards of $180 million," Lizasuain said.
Later phases will include more retail frontage along W192 and four more residential towers reaching as high as 25 stories. A large water feature will provide separation and provide stormwater retention. Construction could start on Phase 2 after the developer completes the environmental mitigation for the site, which should take another 12-14 months.
Magic Place is the company's fourth, and largest, project in the Kissimmee tourist corridor. Magic Village, a $70 million townhouse vacation rental community, opened in 2015 and is about 95 percent complete.
Horizontal construction is nearly complete on a sister project, Magic Village 2. Vertical construction on the 195-unit community just off Reedy Creek Road will start in a few weeks.
Construction on Magic Reserve, a 76-unit condo/timeshare project, is scheduled to begin in early 2018. It's located adjacent to Magic Village 2.