SBD/April 23, 2013/Facilities

Magic Ready To Move Forward On $100M Sports & Entertainment Complex

Magic execs yesterday said that they “believe there is enough demand for additional hotel rooms, office space and retail in downtown Orlando to move forward with a $100 million sports-and-entertainment complex” in the Parramore neighborhood near downtown, according to Mark Schlueb of the ORLANDO SENTINEL. Magic CEO Alex Martins “hopes construction could start on at least part of that complex in about a year, on city-owned land across the street from the Amway Center.” But it will “likely be built in at least two phases.” The Magic have “two purchase options on the property, one for the portion of the site containing a city parking garage, and the other for the portion” with Orlando Police Department HQs, as well as “a radio tower, parking, car wash and fueling station used by police.” The development would “likely include an office tower that would contain the Magic's corporate headquarters, a hotel, a parking garage, restaurants and other entertainment-focused retail space, and perhaps apartments or condominiums.” Magic reps “revealed few specific details and still must negotiate a purchase price from the city” (ORLANDO SENTINEL, 4/23). ORLANDOWEEKLY.com’s Billy Manes wrote yesterday’s details, “perhaps purposefully, were scant.” The Magic -- which is “in the process of forming the Sports and Entertainment District LLC, with unnamed other developers and investors -- has paid $100,000 so far just for the option to build out the project” (ORLANDOWEEKLY.com, 4/22).
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