UPDATED: MARCH 21, 2016 — With a trio of developments underway along US 192 W, Orlando-based Magic Development is quickly becoming a major player in Kissimmee's tourism corridor.
The company, which has Brazilian roots and markets primarily to Brazilian buyers and tourists, recently opened phase one of Magic Village Resort, a $70 million luxury townhouse/ vacation rental development two miles from Disney's Animal Kingdom.
A sister townhouse project, Magic Village Resort 2, starts construction in November 2015. It will also feature Magic Reserve, a 68-unit timeshare condo tower.
And Magic CEO Rodrigo Cunha just announced the firm has signed Italian design firm Pininfarina, best known for designing Ferraris, to master plan and design Magic Village by Pininfarina - the area's first luxury, branded community on U.S. 192.
The project will be built around a large lake that serves as stormwater retention and as an amenity, with water taxis to take guests to the waterfront shops and cafes. Pininfarina's American-based team will develop the master plan as well as designing the buildings, the hardscape and the landscaping.
"It will be something that has never been seen in the U.S.," Cunha said. "It will be sexy. That's the best description for it."
Magic Development will start a $1.5 billion capital campaign in early 2016 to build the project's first phase, which will include their new 25,000-square-foot headquarters, shops, a wellness center and the first residential building.
Experience Kissimmee CEO D.T. Minich said Magic Place could be a gamechanger for the corridor. "What you will see is a domino effect," he said. "When this opens, you're going to have clientele who will be demanding upscale dining and upscale retail."
FAST FACTS - Magic Village Resort
Location: 3151 Pantanel Lane, two miles from Disney's Animal Kingdom. Owner: Magic Development Start Date: Magic Village Resort 1 is open, phase 3 construction starts May 2016 End Date: July 2016 Project Budget: $70 million General Contractor: Jordan Construction & Development Description: Vacation rental resort featuring 180 luxury townhouse units, clubhouse with restaurant, champagne lounge, resort pool and childcare center.
FAST FACTS - Magic Village Resort 2
Location: 2950 Reedy Creek Road, Kissimmee Owner: Magic Development bought the land in 2014 for $3.3 million Start Date: November 2015 End Date: March 2018 Project Budget: $165 million General Contractor: Jordan Construction & Development Description: Vacation rental resort featuring a mix of 194 luxury townhomes and apartments, clubhouse with restaurant, lounge, tennis courts, 2 resort pools and childcare center. The final phase will include a 68-unit timeshare condo tower.
FAST FACTS - Magic Place by Pininfarina
Location: 87 acres fronting U.S. 192, west of S.R. 535 Owner: Magic Development acquired the land for $8.32 million in December 2014. Start Date: July 2016 End Date: buildout will be 10-15 years Project Budget: estimated at $1.7 billion General Contractor: bidding in 2016 Description: The mixed-use project will include 2,000 condo resort units spread among six residential buildings, each with a pair of soaring towers. Plans also call for 250,000 square feet of retail, restaurants and offices.