UPDATED: City Approves Deal for New Magic Entertainment Complex

UPDATE 3:10 p.m.: The City Council approved the deal to sell the land to the Orlando Magic. We’ll continue to follow the development on the Magic Entertainment Complex.

UPDATE 10:45 a.m.: In a workshop this morning to the City Council Orlando Magic CEO Alex Martins presented some conceptual plans for how the entertainment complex might look. Those are now included above and at the end of the story. Here is a link to the entire workshop presentation given to the Orlando City Council regarding the complex.

The Orlando City Council will vote today on a deal today to sell City property to the Magic to make room for a new entertainment complex and magic headquarters.

The proposal is for the City to sell 7.82 acres of land that they own on the block just north of the Amway Center to a sister company of the Orlando Magic. The land currently houses the Orlando Police Department Headquarters and a City parking garage.

The Magic would purchase the land from the City for $12.7 million.

The property  is bordered by Central Blvd to the north, Church St. to the south, Hughey Ave. to the east and Division Ave. to the west [GMap]

The land was appraised at $11.1 million but the contract factors in $1.6 million for loss of revenue and relocating costs.

According to the contract, the City would temporarily lease back the OPD building for $100,000 a year until they are able to build a new one. Most likely on South Orange Blossom Trail and South Street at property, which the City is working to purchase from Lynx [GMap]. City of Orlando CFO Rebecca Sutton said she doesn’t anticipate the lease being more than three years.

If approved, the Magic would build an entertainment complex which will include a public plaza, office space, retail, a hotel, convention center and a public parking garage.

“This project represents a $200 million private  investment by the Orlando Magic and its partners that would create jobs, and provide dining, hotel and entertainment options and continue the revitalization of Downtown Orlando and the Parramore neighborhood,” said Magic CEO Alex Martins in a written statement.

The City would contribute $1.7 million towards the construction of the convention center. To be paid out based on the progress of construction. The tax on the entire property would cover that contribution before the contribution would even be given to the Magic.

The build out could take up to five years and according to the agreement the Magic will have to pull a building permit to begin construction to relocate its headquarters within five years. They will also have to remain there for five years.

As part of the deal the magic would allow the city to extend Pine Street through the property.

The only details we get about the Magic Entertainment Complex/Headquarters are

• Public parking garage of approximately 500 spaces
• Public Plaza
• Approximately 100,000 square feet of office space
• Approximately 30,000 square feet of commercial space
• Hotel with approximately 250 rooms, 410 parking spaces and 40,000 square feet of convention center/expo space (this would be able to handle conferences of up to 1,000 people, assuming banquet and breakout space)

The City Council will vote on the deal this afternoon. We’ll keep you updated with what happens.

Here is an aerial view of the conceptual layout of the complex:

And a conceptual sketch of how it might look:

Photo courtesy Google Street View.