The Orlando Magic are planning another multimillion-dollar real estate investment in downtown Orlando with aims to build a $100 million entertainment complex across the street from the $380 million Amway Center, which opened last October. According to a WFTV report, Orlando Magic owner, Rich DeVos has a plan to bulldoze a city-owned building on West Church Street and replace it with a $100 million entertainment complex of shops, venues and a hotel. In coordination with the City of Orlando, the Magic are undertaking a year-long feasibility study to examine the proposal pending City Council approval. The complex will estimatedly bring 1,000 construction jobs and 300 permanent jobs to downtown and be anchored by the Magic's own corporate headquarters.
Orlando Magic president Alex Martins said the Magic want to help spur downtown development that has lagged primarily because of the nation's sluggish economy. "With the research that we've done, the majority of these developments that have been placed next to downtown arenas have been quite successful and have spurred other development over time,'' Martins said Wednesday from the Amway Center. "Now, it doesn't happen overnight. Typically, it takes a decade. But study Columbus and Nashville and those are two great examples of how it starts with one development and blossoms out into an entire district being born. It starts with a downtown arena and is spreads out from there. It usually starts with these Sports and Entertainment districts that bring other forms of entertainment, bring other restaurants, retail and some office space."
Existing structures on the property — excluding the Orlando Police Department — likely will be demolished for the project reported the Orlando Business Journal. The city of Orlando owns the 4.3-acre property the Orlando Magic are envisioning for the project. City officials said the property would be sold to the Magic, but it’s too early to determine the value of the sale.
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