TORONTO– OverActive Media has launched details of its prepare for a new home entertainment venue 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 place and hotel complex.

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

The strategy has yet to receive last approval from the Exhibition Place board of guvs and Toronto City board, nevertheless.

” We remain in the last phases of putting our business terms together with city officials and we are optimistic that we can soon conclude our discussions to everyone’s satisfaction,” an OverActive spokesperson said.

If approved, the new place will be on a 1.6-hectare website next to the Hotel X Toronto at Exhibition Place. OverActive said it will host 200-plus occasions yearly from shows 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 (likewise MAD Lions).

In December, Overholt said his company had raised $80 million in personal investment over the last 2 years.

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

When the Library Collection of Hotels got permission to build the Hotel X at Exhibition Location, it likewise got the thumbs-up for a 2nd tower.

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

Exhibition Place is a 192-acre site on Toronto’s waterfront that hosts the yearly Canadian National Exhibit in addition to BMO Field, the home 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 first published Feb. 22, 2021.