Orange County has approved a $626m (£491m/€574.5m) funding package that will be directed towards renovation work for Camping World Stadium and the Kia Center arena.
The Orange County Board of Commissioners approved the funding at a meeting yesterday (Tuesday) which discussed how Tourism Development Tax (TDT) revenue would be distributed. This revenue is derived from a 6% tax visitors pay when they stay at hotels and other short-term rental accommodation.
The 60,219-capacity Camping World Stadium, which is owned by the City of Orlando and operated by Orlando Venues, has secured the full $400m package it had hoped to attain for a major overhaul of a facility which first opened in 1936 and has since received several upgrades.
The key elements of the project will see all levels of the stadium connected by a 360-degree concourse, the removal and replacement of the upper terrace decks, and the introduction of a 100,000-square-foot multi-purpose space on the campus.
Speaking yesterday, Orange County Mayor, Jerry Demings, said the upgrades are necessary as Orange County competes with other major areas to attract concerts and sporting events. “We will be able to make an investment in Camping World stadium, making sure that it continues to be competitive,” Demings said after the vote, according to WFTV.
Meanwhile, $226m is set to be directed towards renovation and upgrade work at Kia Center. Formerly known as Amway Center, the home of NBA franchise the Orlando Magic took on its new name last month following a sponsorship deal with the American arm of South Korean automotive manufacturer Kia.
In October, the Magic and partner SED Development announced JMA Ventures and Machete Group as the team that will deliver a planned sports and entertainment district adjacent to Kia Center.
The downtown Orlando project is anticipated to include a 260-room full-service hotel with 16,000 square feet of meeting and conference space, 270 residential units, 200,000 square feet of Class A office space, 125,000 square feet of retail, a 3,500-capacity live event venue, an urban town square, and more than 1,100 parking spaces.