Orlando Magic delay Church Street purchase - FOX 35 News Orlando

Orlando Magic delay Church Street purchase

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The Orlando Magic are not ready to buy an entire block ofWest Church Street right across from the Amway Center.  The City of Orlando hasgranted the team a 120-day extension on it's option to buy the city-ownedblock. Orlando Mayor Buddy Dyer believes the team will eventually purchase thearea and transform it for the better.

"I would envision hotel, retail, office space. Oneof the commitments they've made is that, if they move forward, they would movetheir corporate offices from Maitland to a building right across from the AmwayCenter."

This block has been troubled for many years now and hasnot improved a great deal since the opening of the Amway Center.  An owner ofOopsy Scoopsy was arrested and charged with defrauding the taxpayers of grantmoney. The previous owners of Draft Global Lounge owe $57,000 inback rent.  Magic CEO Alex Martins told FOX 35 that the team has a few more things tofigure out before it is ready to say yes to any redevelopment of the block.

"Ultimately, we need to learn what the mix lookslike, the exact mix looks like, in terms of the mixed-use development.  Learn tosee if we have a partner from a hotel standpoint, and ultimately, learn to seeif the business plan works."

The purchase price is also undecided. Martins says theyhave not yet finished the appraisal, even though they have been studying thepurchase for a full year.  Orlando Mayor Buddy Dyer says if the deal is done,the taxpayers will be protected.

"The purchase price would be fair market value asdetermined by an independent appraiser, so we have a process in place to makesure we get fair market value for the property."

Martins agreed the team would pay full market value. Theynow have until January to make a decision. If they decide not to buy the land,the team would forfeit a $50,000 deposit.

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