New Orlando Magic Arena
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This article or section is about a planned or proposed arena. It may contain information of a speculative nature and the content may change dramatically as the construction and/or completion of the arena approaches. |
The New Orlando Magic Arena is a description for a proposed sports venue in Orlando, Florida, United States. It is part of Downtown Master Plan 3, a plan that also involves improvements to the Citrus Bowl and a new performing arts centre. [1] Its working name in government documentation is "Events Center". If and when completed, Amway, which holds naming rights to its predecessor venue, the Amway Arena, will get initial exclusive negotiation rights to name the venue. The arena, once completed, will be home to the Orlando Magic of the National Basketball Association and the Orlando Predators of the Arena Football League.
On September 29, 2006, after years of on-and-off negotiations, Orlando Mayor Buddy Dyer, Orange County Mayor Richard Crotty, and the Orlando Magic announced an agreement on a new arena in downtown Orlando. The new 20,000-seat arena will be located at the southwest corner of Church Street and Hughey Avenue, with construction starting in early 2008. The site is referred to as the "Carolina Florida" site, and is further bounded by Parramore Avenue and South Street. The site will be developed with future planned changes to adjacent Interstate 4 in mind, with planning documents taking into account the plans for the fully-completed interchange with SR 408. [2] The arena itself is estimated to cost around $380 million, with an additional $100 million for land and infrastructure, for a total cost of $480 million.
The Orlando Magic will be contributing at least $50 million in cash up-front, and sign a 25-year, $25-million lease with a five-year option thereafter. The Magic will also pick up any cost overruns. The City of Orlando will pay for the land and infrastructure. The remaining money will come from bonds which will be paid off by part of the Orange County, Florida, Tourist Development Tax, which was raised to 6% in 2006. The Magic will guarantee $100 million of these bonds.
The details of the agreement were finalized on December 22, 2006. In the agreement, the City of Orlando will take ownership of the new arena, while the Magic will control the planning and construction of the facility so long as contracting procedures are done in the same public manner as governments advertise contracts. In addition, the City will be paid a part of naming rights and corporate suite sales, a share estimated to be worth $1.75 million the first year of the arena's opening. The Magic will receive all proceeds from ticket sales for Magic games, while the City will receive all proceeds from ticket sales to all other events (it is unknown if this includes ticket sales to Orlando Predators games). A vote by the Orange County Board of County Commissioners on agreeing to steer TFT funds to pay for the bonds for the arena is expected in January 2007. [3]
Downtown Master Plan 3 is a $1.05-billion plan to redo the Orlando Centroplex with a new arena, a new $375-million performing arts center, and a $175-million expansion of the Citrus Bowl. When it was announced in the media on September 29, it was referred to as the "Triple Crown for Downtown". The Magic are anticipating that it will be completed prior to the 2010-2011 regular season opener. [4]
City officials said once the new arena is complete, the Amway Arena probably will be torn down. As part of Amway's naming rights to the venue formerly known as the TD Waterhouse Centre, the company will have exclusive rights to negotiate first for naming rights to the New Orlando Magic Arena. [5]
