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Estimated $500 Mil Construction Package for New Arena and Rebuild of Old Arena Hinges on Mid-October Report

ORLANDO-City council members and Orlando Magic owner Rich DeVos await the numbers to see if Downtown needs a convention center that might be converted from the 17,000-seat TD Waterhouse Centre. The NBA basketball team plans to forsake the 11-year-old arena after its five-year lease expires in 2004.

By Alex Finkelstein | Updated on October 02, 2000

ORLANDO-How badly does Orlando want to keep its National Basketball Association team? That’s the crucial question city council members will face in a few weeks when they review an $80,000 consultant’s report.

Orlando Magic owner Rich DeVos plans to leave the 11-year-old TD Waterhouse Centre after the team’s five-year lease with the city expires in 2004. A new arena could cost up to $500 million, based on the figures of a handful of new NBA arenas already opened or planning to open shortly.

Renovating the 17,000 sf Orlando arena might be in the $40 million range if land, road and utility improvements are factored into the pro forma.

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