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
Click here to get Orlando Magic tickets

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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