SPORTS AND ENTERTAINMENT DISTRICT - Orlando
Transcript of SPORTS AND ENTERTAINMENT DISTRICT - Orlando
O R L A N D O C I T Y C O U N C I L W O R K S H O P A P R I L 2 2 , 2 0 1 3
SPORTS AND ENTERTAINMENT DISTRICT
SED DEVELOPMENT, LLC
HISTORY & BACKGROUND
• Concept of a sports and entertainment district has been contemplated by the City for many years.
• 2004 City of Orlando Parramore Task Force Report: • This report’s recommendations included:
• Improve the environment in Parramore to encourage new and expanded business.
• Foster the development of entertainment, arts, recreation, and culture in Parramore.
• Develop a reputation for Parramore as an entertainment destination.
• 2006 City of Orlando Community Venues Master Plan: • Identified the opportunity to create a sports and entertainment
district.
2006 VENUES MASTER PLAN (EARLY CONCEPTS)
Early design concepts included the expansion and redevelopment of adjacent uses to compliment the venues.
HISTORY & BACKGROUND
• During the design and construction of the Amway Center, the benefits of a sports and entertainment district were considered by the City and the Orlando Magic.
• SED requested the City consider a feasibility study and land
purchase option agreement in 2011 to explore potential opportunities.
• The initial vision for the project was a proposed mixed use development including the following: • Hotel and conference center • Office Tower (including the relocated Orlando Magic corporate headquarters) • Parking Garage • Retail including restaurants
FIRST OPTION PROPERTY
CITY BLOCK
HISTORY & BACKGROUND
• Milestones:
• September 2011 - Orlando City Council approved the Feasibility Study and Option Agreement for the first option property (parking garage / communications tower).
• February 2013 - Orlando City Council Workshop discussed
Greenworks / OPD Headquarters Relocation Update. • February 2013 - Orlando City Council approved the Feasibility
Study and Option Agreement for the second option property (OPD Headquarters).
• March 28, 2013 - SED exercised its option to proceed to
contract approval and closing on the first option property.
STUDY & FINDINGS (FEASIBILITY STUDY PERIOD)
• Analyzed other sports and entertainment districts throughout the United States including Charlotte, Nashville, Dallas and Los Angeles. • Results vary across these districts • Model for a successful project is complex
• Engaged top planning and design consultants with experience on comparable projects. • RTKL Associates, Inc.
• Initiate early market demand studies for retail, hotel, office • Early studies show promising demand trends that need further analysis
• Initiated communication with other stakeholders associated with first option property. • Orlando Union Rescue Mission • Church Street Parking Garage Retail Tenants
STUDY & FINDINGS (POTENTIAL CHALLENGES)
• Potential challenges include: • Close proximity to the OPD Headquarters. • Possible constraints to the ideal site plan including the location
of the hotel and conference center.
• Model for a successful sports and entertainment district requires an appropriate level of size and scale. • Potential integration of residential component.
NEXT STEPS
• The addition of the second option property and relocation of OPD Headquarters helps to address the stated concerns. • In the process of revising plans to include the entire City block and optimize
the project layout.
• Propose a transaction structure to combine first option and second option into a single transaction. • Delivery goal of April 28, 2013
• Request an opportunity for Orlando City Council to consider the proposed transaction structure combining the first option and second option. • City Council meeting goal of June 3, 2013
CONCLUSION
• Continue to work and coordinate with the City and stakeholders to discuss the project and consider the key terms for the transaction structure.
• SED and the Orlando Magic are committed to pursue this exciting opportunity to invest in downtown Orlando.