TORONTO– OverActive Media has actually launched information of its strategy for a new home entertainment place at Exhibition Place.

The esports company, house to the Toronto Defiant and Ultra groups, says the task is worth close to $500 million and consists of a 7,000-seat theatre-style venue and hotel complex.

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” We are building a world-leading, 21st-century sports media and home entertainment company and this best-in-class efficiency place will be the chosen home for a brand-new generation of fans that think in a different way about their home entertainment options and experiences,” OverActive president and CEO Chris Overholt stated in a statement Monday.

The plan has yet to get last approval from the Exhibit Place board of governors and Toronto City Council, however.

” We remain in the lasts of putting our business terms together with city officials and we are positive that we can soon wrap up our discussions to everyone’s complete satisfaction,” an OverActive representative stated.

If authorized, the new venue will be on a 1.6-hectare website next to the Hotel X Toronto at Exhibit Location. OverActive said it will host 200-plus occasions annually from performances and esports to conventions and corporate functions.

OverActive owns franchises in the Overwatch League (Toronto Defiant), Call of Responsibility League (Toronto Ultra), European League of Legends (MAD Lions, playing out of Spain) and Counter Strike: Global Offensive (also MAD Lions).

In December, Overholt stated his business had actually raised $80 million in personal financial investment over the last two years.

OverActive’s owners consist of Toronto Maple Leafs forward Mitch Marner and music star The Weeknd. The ownership group includes more than 80 people, including Pittsburgh Penguins part-owner Mike Kimel, in addition to tech business owner Sheldon Pollack.

When the Library Collection of Hotels received consent to develop the Hotel X at Exhibit Place, it likewise got the thumbs-up for a second tower.

OverActive consequently acquired those rights and began working with the city and Exhibition Place board on a plan to build the second tower with Henry Kallan, owner of the Library Hotel Collection.

Exhibit Place is a 192-acre website on Toronto’s waterside that hosts the yearly Canadian National Exhibit as well as BMO Field, the house of Big league Soccer’s Toronto FC and the CFL’s Toronto Argonauts.

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Follow @NeilMDavidson on Twitter.

This report by The Canadian Press was very first published Feb. 22, 2021.