The Orlando Magic has informed the City of Orlando that they are ready to move forward with constructing a $100 million dollar sports and entertainment complex in Downtown Orlando.
The development will take up the entire city block across the street from the existing Amway Center. Magic CEO Alex Martins on Monday told the city council that they do have the ability to make a massive complex work.
"We believe that there is quite a bit of viability, and so we hope to move forward with what we believe is just going to be the first development that should rise out of the blocks around the Amway Center."
The team is planning to move their corporate headquarters from the RDV Sportsplex in Maitland to the block that currently holds several retail shops, a parking garage, and Orlando Police Department Headquarters. The biggest question remaining is how much will the team pay the city for the land. Orlando Mayor Buddy Dyer has made his intentions clear.
"Well, we're going to have market value," he said.
That market value was set by the city earlier this year, when they paid a never before seen $33 a square foot for land just blocks away where they hope to eventually will be home to a Major League Soccer stadium. Martins though immediately pushed back on the idea of the team paying that much money for the land.
"I would caution everybody to understand that, for us, it's not just about the purchase of that land. There's a lot of other financial implications to the city that we need to consider, and the city needs to consider when we ultimately determine the purchase price."
In order for the new development to come to fruition, the city will have to move a communications tower for the police department, build a new headquarters for the police department, and figure out what to do with tenants from several small businesses that currently rent from the city. All Tied Up owner Alonzo Adams is not worried about the future of his men's store.
"I doubt that it will be the end of All Tied Up. We'll just move to another location, and I am thinking that the Magic will help us along with that process."
Mayor Dyer and the team are looking at a hotel for the property along with office space. The mayor hopes the team will concentrate on businesses that are more family friendly than what is currently offered in downtown.
The city also has to figure out the value of the parking garage that is on that property and owned by Orlando. The city received nearly $400,000 worth of revenue from the garage last year alone. Once the Magic buy the property, they are promising to build their own parking garage.