Magic Development CEO Rodrigo Cunha filed a preliminary subdivision plan last week for the U.S. 192 tourism corridor's first luxury-branded community: Magic Place by Pininfarina.
Magic, which is currently building its second Magic Village Resort townhouse development in Kissimmee, spent two years negotiating to buy the 87-acre site on U.S. 192 near Celebration. Last November, Cunha announced a strategic partnership with the Italian firm famous for designing Ferraris and other sports cars.
Pininfarina of America, which is based in Miami, will lend its name to project and also serve as master designer and architect.
The $1.5 billion project will include 1,850 residential units spread among five residential buildings.
"We're still finishing the final design concepts, but I can tell you it's amazing," Magic Development Director James Mincy told GrowthSpotter on Monday. "The first tower is going to be 25 floors. I don't know how high the others will be, but I would assume at least 25 floors."
He said the tower would have a mix of condominium, timeshare and hotel units. Plans also call for close to 300,000 square feet of retail, restaurants and offices.
The first phase will be built on the western portion of the property, which doesn't require wetland mitigation. It will include the first residential building as well as some retail, a wellness center and Magic Development's new 25,000-square-foot office space. They expect to be under construction by 2017 and anticipate a 10- to 15-year buildout.
Cunha also has applied to Osceola County to establish the Magic Place Community Development District, which would allow the developer to issue tax-free bonds to pay for the installation of vertical infrastructure. The CDD application goes to the county's Development Review Committee on Wednesday.
Boyd Civil Engineering puts the cost estimate at $55.4 million for the project. That figure includes $25.44 million for site work, drainage and roads; $7.25 million for lighting and landscaping and entry features; and $22.66 million for permitting, impact fees, mitigation and professional services.
Hector Lizasuain, planning director for Magic Development, said the company hopes to get the PSP on the DRC's March 16 agenda.