Sunday, March 24, 2013

Stadium Land Deal Complete?

UPDATE: The land purchase was not brought before the council on Monday. The next chance for the land to be purchased will be at the April 8th city council meeting.

Monday could be a very important day in the history of soccer in Central Florida as the last piece of land necessary for Orlando City's proposed downtown soccer stadium may be purchased.

Last month the City of Orlando entered into purchase agreements for four parcels of land in the Parramore area of downtown totaling roughly $4M. Many news organization in town have since speculated that the land is part of the site for Orlando City's $105M mixed-use stadium. Those purchases were made public because each exceeded the $500K threshold requiring City Council approval, otherwise the Mayor could have made the purchase without public notification.

So why is Monday so important? Currently the City controls roughly 6.8 of the 8.5 acres that make up the proposed stadium site. On Monday the City Council will hold their regular monthly meeting and it is possible that they could vote to approve the purchase of the final parcel of the stadium site.

The parcel in question is located at 639 West Church Street and is currently owned by Northbrook Properties Inc, a development company from Illinois. The parcel is comprised of 9 lots totaling 1.7 acres and is currently valued at roughly $570K including the buildings on the property. If the City uses the same $33.60 per square foot purchase rate as they did for the other four properties last month that would put this sale at roughly $2.4M thus requiring approval by the City Council.

Currently the land purchase is not listed on the agenda for Monday's meeting, however last month's land purchases were added just prior to the meeting so we may not learn of the deal until after it has been approved.

We will monitor the situation from City Hall all day on Monday and keep you informed through our Twitter and Facebook feeds.


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