The Orlando City Council approved a $40 million tax break Monday for an entertainment, hotel, residential and retail development next to the Kia Center. arena in downtown.
The council also signed off on a plan for the first phase of the development and put $2.5 million toward it.
SED Development LLC, a company affiliated with the Orlando Magic, first got approval a decade ago for a slightly different plan.
At Monday's meeting, Mayor Buddy Dyer said: "[I]t's pretty exciting to get this mixed-use development going and ensuring that we follow the work of turning our downtown into a true neighborhood."
The new, $500 million first phase includes a 261-room hotel, 273 residential units, a 65,000-square-foot event venue, an office tower, shops, restaurants and a parking garage.
All that -- and possibly, in years to come, two additional residential towers — are planned for 8.43 acres on the vacant block across West Church Street from the Kia Center.
Commissioner Jim Gray said he understands concerns over $40 million in tax revenue.
But, he said, "I think this project could be one of the more transformative projects that we've seen in a long time downtown."
In a recent post on social media, Democratic state Rep. Anna Eskamani criticized the tax break, citing a need to fund homeless services and shelters instead.
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