On September 21, 2011, the City and SED entered into a Feasibility Study and Purchase Option Agreement which gave SED the right to study the feasibility of development of and an option to purchase approximately 4.9 acres of real property owned by the City located north of the Amway Center on which parking garages and retail space are currently located.
On March 12, 2013, the City and SED entered into a second Feasibility Study and Purchase Option Agreement which gave SED the right to study the feasibility of development of and an option to purchase an additional approximately 3.33 acres of real property adjacent to the First Option Property owned by the City, on which the OPD Headquarters is currently located.
The attached Purchase Contract conveys the properties from the first and second Option Agreements, "Subject Parcel". The project to be constructed on the Subject Parcel will include the relocated corporate headquarters of The Orlando Magic, Ltd and a mixed use project consisting of public plaza, office, retail, hotel, convention center and a public parking garage. The total acreage of the Subject Parcel was originally estimated to be 8.23 acres, but the survey correctly identifies the site acreage at 7.82 acres. The West Pine Street extension will be constructed through the site improving connectivity to W. Pine Street under I-4. The new right-of-way extension will be 21,539 square feet, leaving the remaining developable site at 7.33 acres.
The appraised value of the property is $34.93 per square foot for a total of $11,146,169.98. The contract price of the property, which includes an item for additional compensation, is $12,712,560.88