GlobeSt.com obtained a draft of the proposal from sources closeto the hotel developer. But Rosen himself would not comment toGlobeSt.com on its contents until the plan has been approved by theValue Engineering Committee set up by the local hospitalityindustry, Orange County, the city of Orlando and the Magic.

Magic executives and government officials haven't seen the plan,GlobeSt.com was told by hospitality consultants intimate with itsdraft.

At issue for the past two months has been the retrofit fundingfor the 12-year-old, 17,200-seat, 350,000-sf TD Waterhouse CentreDowntown. Magic executives maintain the retrofit will cost $75million and they are unwilling to commit a set amount for theproject until they can cut a new lease with the city. The new Rosenplan suggests the actual construction cost will be no more than $55million and possibly only $45 million.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.