Last Friday Whit Watson reported promising news for Orlando Magic fans:

““History will look back on this day in the same light as the day that Walt Disney announced he was building his theme park in Orlando.”

So said Alex Martins, the COO of the Orlando Magic, after Thursday night’s gut-wrenching 5-2 affirmative vote by the Orange County Commission. The plan, as we all know by now, is to tap into the county’s Tourism Development Tax, or TDT, to help fund a new downtown arena, a performing arts center, and a refurbishment of the aging Citrus Bowl. Total value of all three projects will escalate well north of $1 billion dollars, with a sizable chunk of that money coming from the hundreds of thousands of tourists who pass through central Florida each year.”

The move should help improve the Orlando downtown area considerably while increasing attendance and season ticket sales, which the Magic desperately need after handing their god awful Rashard Lewis signing.

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Source
http://whitwatson.sunsportstv.com/2007/07/visions-and-venues.html

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Cost: Approximately $480 million.

Construction Time Line:
6/2007 - 10/2010
The arena is expected to open for the Orlando Magic’s 2010 season.

Project Details: Plans call for a 35,000-seat, 700,000-square-foot arena on six acres for the Orlando Magic.

Location:
Orlando, FL 32801
At the intersection of West Church Street and Hughey Avenue.

News & Notes
The development plan was agreed to by the city and local leaders on 9/29/06. A renovation of the Citrus Bowl and a new Performing Arts Center were also approved with the project as part of a downtown redevelopment. The Magic’s owner, Richard Devos, has pledged $104.5 million for the construction of the arena and has promised to pay for any costs above the $480 million benchmark. Most of the money for the project will come from tax dollars. The Arts Center and Citrus Bowl will be linked by a Downtown corridor, in development as of October 2006. The Magic have signed a 25-year, $12-million lease on the facility and have agreed to pay the lump sum in advance. Additionally, the Magic’s old arena, TD Waterhouse Centre, is expected to be demolished and redeveloped as a mixed-use project.

Commentary
Rich Devos should expect to pay more than his initial $104.5 million dollar pledge. When’s the last time an arena/stadium even made its budget? Despite this, the stadium should be spectacular when finished.

Tickets
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Further Reading
http://thesportsbizblog.blogspot.com/2006/10/magic-to-get-new-arena-in-o-town.html
http://www.projecthometown.com/pages/Default.aspx?cc=sports_events_center

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