Orlando Magic has been planning to build a massive entertainment district project adjacent to the Kia Center since 2011, and they say if they get enough incentives from the City of Orlando, they could begin construction by the end of the year.
The ambitious $500 million, 8.4-acre mixed-use project calls for a 260-room full-service hotel with 16,000 SF of Class A office space, 270 residential units, 125,000 SF of retail, a 3,500-person live event venue, a town square, and 1,100 new parking spaces.
Orlando City Council voted on the proposed incentive agreement that would grant them $2.5 million for building a new conference center and up to $40 million in returned property taxes over ten years through the Community Redevelopment Agency, for the project’s first phase of development.
Benchmarks to receive the incentives include:
- Parramore business incubator program in some of the onsite retail spaces
- The project must include at least 10 units of affordable housing.
The Mayor started the Council meeting by stating that it was a much-needed step in transforming the downtown core into a “true neighborhood.” David Barilla, the executive director for the CRA/Downtown Development Board spoke to the council about the “exciting” project,
The motion was approved first by Commissioner Stuart and seconded by Commissioner Gray at the 2 p.m. City Council meeting on April 22.
