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Does Orlando's commercial real estate purchase mean we're getting an MLS team?

On Monday, the Orlando City Council approved a plan to spend $4 million to acquire four parcels of land in the city's Parramore neighborhood. The land is within shouting distance of the Amway Center, where the Orlando Magic plays its home games.

City councilors would only describe the purchase as "a strategic acquisition," but the rumor mill has been going into overdrive with speculation that this is the land where supporters of the theoretical Orlando Major League Soccer Team would like to see a $110 million stadium built.

Orlando Soccer Club President Phil Rawlins has said in the past that the ideal site for the possible stadium would be in the neighborhood where the city just purchased land. Building a soccer-specific stadium so close to Amway Center would create a sports and entertainment neighborhood and perhaps spur nightlife development in the area.

Then again, Orlando Mayor Buddy Dyer has simply said the city has wanted to own this land for a long time. He pointed out that eight years ago, the Parramore Task Force identified the land as an area that would be good for public use and said the city has been interested in it ever since then.

The land sold for $33.60 a square foot -- not bad for Orlando as a whole and quite good for the Parramore area.

Given what a big source of discussion this has been among Orlando residents, we plan to keep an eye on what develops here. We will make sure to post on any relevant developments.

Sources:

If you are interested in learning more about commercial real estate, we invite you to stop by our Commercial Real Estate page.

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