Zafir Rashid, Head of Development at Teramir Group of Companies, has confirmed that the firm’s flagship Nickelodeon-branded U.S. resort - the much-anticipated Nickelodeon Hotels & Resorts Orlando in Kissimmee, Florida - has received its building permit, clearing the path for vertical construction to begin! The announcement comes just weeks after Rashid disclosed the project had entered its final pre-construction phase.
Boasting over 400 hotel rooms and condo units combined, Nickelodeon Hotels & Resorts Orlando will showcase uniquely themed accommodations, including suites inspired by iconic characters and ensuring epic experiences. The family-friendly resort mixes luxury amenities with F.U.N. for both the young and young at heart. Guests will have the opportunity to interact with Nickelodeon's globally beloved franchises, including SpongeBob SquarePants, PAW Patrol, Dora, and Teenage Mutant Ninja Turtles.
Slated to open in 2026, this resort will be located in the Everest Place development and expertly operated by Lion Star Hospitality Inc., the exclusive US licensee for Karisma Hotels & Resorts, welcoming guests to explore a world of limitless fun and boundless opportunity.
Official Teramir Group press release:
Zafir Rashid's $1.5B destination district project secures building permit to begin vertical construction
Zafir Rashid says the latest approval marks a pivotal moment for the $1.5 billion development
UNITED STATES, July 7, 2025 -- Zafir Rashid, Head of Development at Teramir Group of Companies, confirmed that the firm’s flagship Nickelodeon-branded U.S. resort has received its building permit, clearing the path for vertical construction to begin. The announcement comes just weeks after Rashid disclosed the project had entered its final pre-construction phase.
This latest approval marks a pivotal moment for the $1.5 billion development, which combines hospitality, branded entertainment, and mixed-use infrastructure. With horizontal infrastructure already in place, the resort’s construction team is now preparing for foundation work and public-facing activation.
“We’ve secured the green light,” Rashid said. “The permit approval means we’re ready to transition from groundwork to vertical buildout, and that’s where the project starts taking shape in a real, physical way.”
The resort will feature Nickelodeon-themed experiences designed to attract global tourism and strengthen family-friendly travel markets. The site will include entertainment zones, water attractions, and immersive character-based environments.
Zafir Rashid’s strategy includes a communications rollout tied to the groundbreaking announcement, backed by ongoing investor relations and digital content designed to boost visibility. A surge of press activity is expected in the coming weeks as Teramir prepares to launch the next phase of construction.
The Nickelodeon resort is just one of several developments under Rashid’s leadership. Additional projects are in motion across Saudi Arabia, the UAE, Brazil, and Egypt, though most remain confidential due to existing agreements with funders and licensing partners.
“This is the first major public milestone,” Rashid said. “Once we start building vertically, everything else begins to move forward faster.”
With the permit in hand and financing aligned, Teramir Group is preparing to break ground and continue its expansion across multiple international markets.
Zafir Rashid
Teramir Group
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Update (6/2/26): The developer behind the $1.5 billion Everest Place resort district near Disney in Kissimmee, Florida hopes to break ground on the much-anticipated Nickelodeon Hotels & Resorts Orlando in July 2026, the first of at least four hotels planned in the 224-acre development on Osceola County’s W192 tourism corridor, .
Teramir Group started construction in 2022 on the massive resort, which stretches from U.S. 192 to Funie Steed Road, and has spent years building the infrastructure, roads and man-made lake, with the Nickelodeon Hotel originally slated to open this year. Now, CEO Zafir Rashid is seeking a waiver from Osceola County to commence construction on the Nickelodeon resort before opening Everest Place Boulevard, the main spine road that runs parallel to S.R. 429.
The plan calls for an 11-story hotel complex overlooking the large artificial lake with a three-story parking garage just off Everest Place Boulevard. The 543,000-square-foot hotel will feature two separate towers, a hotel tower with 211 guest rooms and a condo tower with 181 units that sleep up to 12 guests.
The condos come in three sizes: studio, one-bedroom (with bunk room) and two-bedroom (with bunkroom). All have a living space, full kitchen and balcony and access to the hotel amenities, such as the kids’ club, a variety of restaurants, cafes and shops. They will also enjoy Nickelodeon-themed experiences such as slime and character interactions.
The resort will be expertly operated by Lion Star Hospitality Inc., the exclusive US licensee for Karisma Hotels & Resorts, welcoming guests to explore a world of limitless fun and boundless opportunity.
“We have some very special rooms that are themed and you’ve got SpongeBob SquarePants and Teenage Mutant Ninja Turtles, and we’ve got all the Nickelodeon characters that will be roaming the resort,” Rashid said in a 2024 announcement.
Teramir engaged top Mexican architecture firm GVA to design the kid-friendly hotel complex and relied on Germana Engineering and Innovations Design Group for the civil and landscape designs.
The county approved the Site Development Plan for Everest Place in January with several conditions, including one that vertical construction could not begin until the public infrastructure improvements were completed, inspected and accepted by the county. In the waiver request, Rashid noted that the “roadway infrastructure is substantially complete” except for the three intersections on West Irlo Bronson Memorial Highway and Funie Steed Road.
He wants approval to obtain building permits for the resort and begin drilling the concrete pilings for the hotel, condos and parking garage. According to the document, Teramir needs to drill roughly 1,000 foundation pilings, which will take up to four months, before the commencement of vertical construction. He said the team would continue work on the public infrastructure while the hotel construction is underway, and the road would be opened to traffic before he applies for a certificate of occupancy.
The remaining work includes the final paving and striping of Everest Place Boulevard, completing the three intersections, and installing signs, streetlights, landscaping, and irrigation in the right-of-way.
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Originally published: July 08, 2025.
Official Teramir Group press release courtesy of EIN Presswire; WTTV CBS4Indy; Update source: GrowthSpotter.
Nickelodeon Orlando Hotel & Resort
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