TORONTO– OverActive Media has released information of its prepare for a brand-new entertainment place at Exhibition Place.

The esports business, home to the Toronto Defiant and Ultra teams, states the project deserves close to $500 million and includes a 7,000-seat theatre-style location and hotel complex.

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

The strategy has yet to receive final approval from the Exhibition Place board of governors and Toronto City Council, however.

” We are in the final stages of putting our service terms together with city authorities and we are positive that we can soon cover up our discussions to everyone’s fulfillment,” an OverActive spokesman said.

If approved, the brand-new location will be on a 1.6-hectare site next to the Hotel X Toronto at Exhibition Location. OverActive said it will host 200-plus events every year from shows and esports to conventions and corporate functions.

OverActive owns franchises in the Overwatch League (Toronto Bold), Call of Task 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 raised $80 million in private investment over the last 2 years.

OverActive’s owners include 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, as well as tech business owner Sheldon Pollack.

When the Library Collection of Hotels received authorization to build the Hotel X at Exhibition Place, it also got the green light for a 2nd tower.

OverActive subsequently obtained those rights and started dealing with the city and Exhibition Place board on a plan to build the 2nd tower with Henry Kallan, owner of the Library Hotel Collection.

Exhibit Location is a 192-acre website on Toronto’s waterside that hosts the yearly Canadian National Exhibit in addition to BMO Field, the home of Major League Soccer’s Toronto FC and the CFL’s Toronto Argonauts.

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