Agree that original poster should tell us where the plant is growing.
Agree that it is a Magnolia.
Don't agree with waiting to flower - it already has, and that's the seed cluster maturing. The fruit will burst out - orangey red - when ripened late summer/fall.
That's a Sweetbay Magnolia - Magnolia virginiana. This plant has very lemony fragrant flowers - which are in full bloom here in Kentucky now.
