Universal has finally confirmed plans for its fourth gate in Orlando, officially announcing its Epic Universe theme park plan.

Announced at an official event at the Orange County Convention Center in Orlando, Epic Universe will be the latest addition to Florida's lucrative theme park sector and has been touted as "an entirely new level of experience that forever changes theme park entertainment."

"Our new park represents the single-largest investment Comcast has made in its theme park business and in Florida overall,” said Brian Roberts, Comcast chair and CEO. "It reflects the tremendous excitement we have for the future of our theme park business and for our entire company’s future in Florida."

While no specific details have been revealed about what IPs will feature in the park, Universal did confirm that the 3sq km (1.2sq m) site would feature an entertainment centre, hotels, shops, restaurants and more. The development will nearly double Universal’s total available space in central Florida.

"Our vision for Epic Universe is historic," said Tom Williams, chair and CEO for Universal Parks and Resorts. "It will build on everything we have done and become the most immersive and innovative theme park we have ever created. It's an investment in our business, our industry, our team members and our community."

Joining Universal Studios Orlando, Islands of Adventure and Volcano Bay, a fourth Universal property will offer increased competition to Disney, which operates four theme parks, two waterparks and the Disney Springs retail complex in the Orlando area.

In addition to investment into the new park, Orange County mayor Jerry Demings revealed Universal would be investing US$160m (€144m, £132m) in a 50/50 public-private partnership to extend Kirkman Road into the area where the new park will be located.

"The investment Universal is making in our community and the benefit all of us will see is substantial, benefitting nearly every segment of our economy – from tourism to high-tech," he said.

"The Kirkman extension will improve transportation through a busy and growing portion of our county and open up the entire area for additional development – including an important expansion of our Convention Center."

A new park for Universal in Orlando had been rumoured for several years. In April 2018, the operator acquired the new land in Orlando. Later in June, the operator filed a patent for "Fantastic Worlds", leading many to speculate the name of the new venture. The following month, Comcast executive vice president Stephen Burke confirmed the operator was "looking at" developing a new gate in Florida.

To support longer stays, Universal has significantly grown the hotel side of its business in Orlando, with the launch of its Aventura hotel on 16 August bringing its total rooms in Orlando up to 6,000 – two-and-a-half times more than just five years ago. Another hotel development from Universal opened in early July and another is set for March 2020, bringing total room count for Universal in Orlando to 9,000.