OverActive Media is one step closer to realizing its plan for a new entertainment venue at Exhibition Place in Toronto. The esports and entertainment company got the ok from Exhibition Place's board of directors with the plan and lease approved. The next step is for the Toronto City Council to give final approval.
Ontario Construction News stated that when the Library Collection of Hotels got the permission to build the Hotel X at Exhibition Place, it also received the green light for a subsequent development/hotel complex at the same place. OverActive is now working with the owner of the Library Hotel Collection, Henry Kallan on the entertainment venue part of the plan.
"Toronto is one of the best entertainment markets in the world. We have worked closely with our partners to begin to realize the immense potential of this region of the city while furthering Toronto's position as a global esports hub. Our vision is to create an unparalleled experience for fans and entertainment artists alike."
President & CEO of OverActive Media | Chris Overholt
The original budget for the project was supposed to be close to $500 million. According to Overholt, that number will be smaller due to the tremendous efficiencies in venue design but he believes it is too early to settle on a final figure. The project is being privately financed.
OverActive will not be involved in the ownership of the hotel but is considering partnering with a company to operate the entertainment venue.
The theatre-style entertainment venue and hotel complex located at Exhibition Place is a strategic element of the approved master plan for the region that was previously established by city officials.
According to Tittle Press, the 7,200 seat venue is expected to host everything from esports events to music and fashion events and has an expected completion date of 2025.
"This is a performance hall and we think we can do up to 180 to 200 nights a year there. This is our step forward in the entertainment space, which will allow us to compete every day, every week to attract the most renowned artists who land in the Toronto market. This generation's sports, media and entertainment choices are changing before our eyes and OverActive Media certainly expects to be in the midst of this economy and industrial opportunity in the years to come."
President & CEO of OverActive Media | Chris Overholt
OverActive owners include Toronto Maple Leafs forward Mitch Marner, music star The Weeknd, Pittsburgh Penguins co-owner Mike Kimel and tech entrepreneur Sheldon Pollock, among others.
The company has raised $108 million privately, including $40 million when they went public in July on the TSX Venture Exchange.
OverActive has esports franchises in Overwatch League (Toronto Defiant), Call of Duty League (Toronto Ultra), European League of Legends (MAD Lions, playing in Spain) and Counter Strike: Global Offensive (also MAD Lions).
Exhibition Place is a 78 hectare site on the Toronto waterfront that hosts the annual Canadian National Exhibition as well as BMO Field, home of Toronto FC Major League Soccer and Toronto Argonauts CFL.
