UPDATED: December 1, 2017 9:40 PM — Just two months after spending $20 million to buy 364 acres in Kissimmee's W192 tourism corridor, Magic Development is launching the pre-sales for its third Magic Village resort.
Magic CEO Rodrigo Cunha announced the $250 million project Friday. With 453 units planned for Phase 1, Magic Village by Pininfarina will be the company's largest townhouse condo resort, dwarfing its two earlier developments on W192 in both scale and opulence.
He told GrowthSpotter the company is combining the best features of its first two W192-area resorts with the design aesthetic and brand power of famed Italian firm Pininfarina, best known as designer of luxury sports cars like Ferrari and Maserati. Pininfarina is also the lead designer and branding partner for the $1.7 billion Magic Place development, which is now under construction.
"We wanted it to be as sexy as Magic Place, so we went to the same guys," Cunha said. "We have a good relationship with Paolo Pininfarina. We told him our vision, and he said 'We're in.' The crazy thing is they had two months from the time we closed on the property to launch this development."
The new resort is located on the southern third of a nearly 500-acre Magic Place complex, leaving approximately 100 acres available for future development. Cunha said the entire project has already been master-planned and engineered, but declined to release details yet about future phases.
He said the team worked tirelessly to meet an accellerated schedule, because the company is running out of inventory at Magic Village 2 (300 townhomes). The first units will be delivered in 2020.
"We decided to launch another development because we're selling 10 units a month," Cunha said. "Our sales staff needs to have something to sell."
The floorplans are nearly identical to the ones used in Magic Village 2. "But it will look totally different," Cunha said. "Pininfarina – they really put the romance on it. They're Italian. They design with passion. It's a more European look."
They presented eight versions before Cunha saw the final elevations. "With this one, they nailed it," he said. "I told them, I don't want to see anything else."
Paolo Pininfarina said his team combined tradition and innovation with its use of aluminum cladding and clean lines.
"We have brought the charming and refined European lifestyle to Central Florida in a project that provides a unique experience, uniting sustainability, luxury, technology and art," he said.
Paolo Trevisan, head of design for Pininfarina USA, said the collaboration with Magic Development, and its interior designer Elisa Gontijo, allowed the team to deliver the design on a fast-track.
"The first thing we tried to bring out was the overall soul of the project," he told GrowthSpotter. "This is designed to create memories."
It helped that the two companies has already worked together for the last year designing Magic Place by Pininfarina.
"It was like playing piano with four hands," he said. "We had a lot fun. The secret is to have a great team, and we have some really talented people who know how to translate their vision."
Magic Development designed the interiors using a combination of wood, leather and metal to meld organic with industrial chic. "Their design is a work of art. We know how to put comfort in a piece of art," Cunha said.
The living room features an accent wall covered in live plants and pendent lights strung from pulleys. Sleek kitchen cabinets open with leather handles, and designer wallpapers and plush area rugs provide warmth in the bedrooms.
"We'll have a large pool at the clubhouse," Cunha said. "Each unit has its own plunge pool and spa. Almost all of the units will face a pond or conservation area, so it's very private."
The clubhouse will include 25,000 square feet of flex meeting space, along with a branded restaurant, fitness center and all of the resort amenities, including 24-hour concierge service.
Cunha said the project shouldn't affect ongoing sales at the company's timeshare product, which is adjacent to Magic Village 2. "Magic Reserve is fractional ownership," Cunha said. "It's a different animal. This doesn't detract from it at all, because it's a different product and a different buyer. We sell it a week at a time."
Project manager Hector Lizasuain said he would meet with Osceola County's Development Review Committee in December for a pre-application review of the project. He also is working with the county to rezone the site from Agricultural to Commercial Tourist.
Magic Development has already cleared the first 20 acres for Phase 1 of Magic Place, to include the first of five residential towers and 80,000 square feet of retail for a total investment of more than $180 million. The developer is finalizing negotiations with a national hotel brand to manage the first 250-unit tower as a hotel.
Lizasuain spent years as a redevelopment specialist for Osceola County's W192 corridor before leaving to work for Magic Development. So it's especially rewarding for him to be involved in development of the Magic Place complex on land that has been vacant until now.
"This was one of my land crushes," he said. "There were certain properties on the W192 corridor that I just loved. If I could've put a ring on it, I would have."