The Orlando Magic have agreed to buy 4.9 acres of land and a parking garage from the City of Orlando, reports Mark Schlueb of the Orlando Sentinel, in order to develop a sports-and-entertainment complex--one which would feature restaurants, and stores, among other attractions--around Amway Center. Orlando gave the Magic an exclusive purchase option on the land more than a year ago.
"This project represents a possible $100 million investment by the 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 Alex Martins, the Magic's CEO, in a statement.
The Magic and the city have yet to agree on a purchase price, and any deal is contingent upon approval from City Council following a public hearing.
Schlueb reports that the Magic have a separate purchase option, one which expires in August, on Orlando Police Headquarters.