Resource published Fri, Nov 25, 2016 at 01:27AM UTC edited Fri, Nov 25, 2016 at 01:27AM UTC
SC Advisors Real Estate - COMMUNITY VENUES Edit Title
PUBLIC-PRIVATE PARTNERSHIP PLANNING
In 2005, Orlando Mayor Buddy Dyer set out to provide a much needed community-wide vision for Central Florida’s major public venues. He and his team faced significant challenges:
• Efforts to build a performing arts center to replace the outdated and deteriorating Bob Carr Auditorium had languished for years. • The Amway Arena, home of the Orlando Magic basketball franchise, was one of the oldest in the nation and fell short of many NBA standards. It also lacked sufficient technology and capacity to attract quality concerts and other events to Orlando. • The Florida Citrus Bowl faced the possibility of losing its highly regarded holiday bowl games due to its age and state of disrepair. Millions of dollars of direct revenue and millions more in economic impact for Central Florida were at risk.
Mayor Dyer proposed a bold plan that would reinvigorate not just one of these vital venues but all three. The Mayor turned to SC Advisors to guide the City through the process of establishing the Orlando Community Venues Master Plan. The plan called for unprecedented collaboration and revenue-sharing agreements among the City of Orlando, Orange County, and the tourism industry. It also called for the private sector to secure the additional financial investment required for each venue and to manage its development. This complex public-private venture strategy was approved by in 2006 and received commitments of more than $1 billion in funding.
In 2010, the $480 million Amway Center opened to national acclaim. Final plans for the expansion and improvements to the Florida Citrus Bowl were approved in 2012. Demolition began in January 2014 and the renovation was completed in time for the annual Florida Classic just ten months later. The Dr. Phillips Center for the Performing Arts opened in November 2014 and quickly became a focal point of downtown and has been widely recognized as an outstanding facility.
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