ORLANDO, Fla. - Orlando Magic CEO Alex Martins told city leaders Monday the organization is ready to move forward with its proposed entertainment complex.
The Magic said it plans to deliver the city a "transaction structure" for the whole block of property in front of the Amway Center on Sunday.
The $100 million complex would go up next to the Amway Center.
The Orlando Magic’s management team has had feasibility studies done to figure out if the space across from the Amway could be the perfect fit for a proposed entertainment complex.
The Amway Center has a large presence in downtown Orlando, and the leadership of the Orlando Magic said they want to build on that.
Martins told WFTV last year, "We've hired retail consultants, hired hotel consultants, [and] they've given us an appraisal of the marketplace and demand in downtown Orlando, and we've heard some exciting things.”
The contract includes Orlando's police headquarters’ land.
However, Martins is not saying how much the Magic will pay for the land.
A recent report said the appraised value is $3 less a square foot than what the city paid for to build a new soccer stadium.
Martins pointed out that there is much more to consider than just the cost of the land.
“Revenue to the parking garage will have to be replaced. There is the relocation of the communications tower for the police station, a number of services to the police station as well, and a car wash or a fueling station as well,” Martins said.
The Magic said that their studies found there would be interest in residential space in the complex that could also include a hotel, an office tower, restaurants and retail.