Orlando's city council approved a plan to sell a city block across from the Amway Center to the Magic.
The Magic will buy the land for just over $12.7 million. Team owners hope to use the area to serve various purposes including building a 250-room hotel, convention center, retail space, 15-20 floor residential complex and the Orlando Magic's headquarters.
It would bring more money into our downtown nightlife economy. The impact could potentially be exponentially higher.
If all goes as planned the Magic hopes to start construction this summer.
Alex Martin Magic CEO says this is great news for the Orlando area.
"We'd studied sites around the country in the core of downtown and areas that really needs to be revitalized. What we saw afterward was a lot of development that came about as a result of that arena coming downtown," Alex said. "We rally felt like this was an opportunity to spark that development on the eastern side of Parramore, which really could use some help from a retail and mixed use stand point."