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ORLANDO-It was a long shot and it didn’t go through the hoop, but Orlando Magic owner Rich DeVos may still keep his NBA team Downtown if the 10-year-old, 17,500-sf, $110 million TD Waterhouse Center can be rebuilt and reshaped to produce the $10 million additional revenue the team needs to break even each year.

An $80,000, six-month study finds converting the Amelia Street arena to a 200,000-sf Downtown convention center site isn’t feasible because demand for such a property is lacking. City officials had considered assisting with but not paying for the construction of a new sports center if the old facility could be converted and used as a revenue-generating location.

Now the ball is in the team owner’s court. The new study, commissioned by DeVos, seeks to determine if plush sky boxes and other luxury amenities could be sold to corporate supporters who would generate the new revenue. The study will be completed in February. If the report is negative, DeVos could either build his own arena in the suburbs or move the team to another city where the property would be profitable.

The negative news on the arena conversion plans, however, isn’t delaying a planned $1 billion Downtown redevelopment schedule in the economically-depressed Parramore district. Expected to break ground in early 2001, are a $23 million, 150,000-sf headquarters building for publicly-traded Hughes Supply Co.; 235 apartment units; 75,000 sf of retail; and the $30 million, 120,000-sf Florida A&M Law School.

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