Las Vegas-Based Area15 Cancels Orlando Entertainment Complex
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Las Vegas-based Area15, an entertainment complex, has decided not to build a second location in Orlando, Florida. The company has put the 16.5-acre property, located north of the Orlando Vineland Premium Outlet, up for sale.
Area15, which opened in Las Vegas in 2022, planned to create a similar experience in Orlando. It would have featured attractions like an art museum, amusement park, and mall. However, the company has made an internal business decision to walk away from the project. The 16-foot-tall robot statue that marked the property, dubbed Mechan 11, has been removed. The property is now listed for sale by international brokerage CBRE, with an asking price yet to be determined.
Area 15 Orlando LLC originally bought the property in 2022 for $24.8 million. The Orange County Property Appraiser currently values the land at $23 million.
Despite the cancellation of the Orlando project, Area15 remains committed to its Las Vegas location, which has welcomed nearly 2 million visitors in its first year of operation. The Las Vegas venue features attractions such as Van Gogh The Immersive Experience, virtual reality experiences, golf simulators, zip lines, restaurants, distilleries, and events like concerts.
The decision to cancel the Orlando project comes as Universal’s Epic Universe is set to open next year, increasing demand for projects in the tourist corridor. CBRE Land Group, which was involved in Universal’s Epic Universe purchase, is handling the marketing of the Area15 property.
The cancellation of the Orlando Area15 project is a disappointment for many who were looking forward to the new entertainment complex. However, it’s important to note that the Las Vegas location remains a popular destination for visitors.
[H/T] Orlando Business Journal
