Orlando City Council voted Monday to approve sale of an estimated 12 acres to Orlando City Soccer Club (OCSC) for its downtown stadium now under construction, with the final sale price of up to $19 million to be determined by a boundary survey which should occur in the next six to eight weeks.
OCSC will have to survey the property at its own expense to determine official acreage and sale price. Closing could occur within 60 days if the contract is signed immediately by city officials, which kicks off the 30-day inspection period.
The land will be sold at $35 per square foot, a figure based on the price it was acquired for and other appraisals in the Parramore neighborhood, which GrowthSpotter first reported on Jan. 13.
The city's total land offer was estimated at 11.8 acres (514,008 square feet) in a formalized sale contract made public on Jan. 20, producing an $18 million sale estimate.
But that acreage must still be confirmed with a boundary survey before closing of the sale. The total size of the property could now exceed 12 acres, pushing the sale price closer to $19 million, GrowthSpotter reported on Jan. 20.
The new soccer stadium's total footprint will cover roughly 14 acres between W. Central Boulevard to the north, W. Church Street to the south, Glenn Lane to the west, and S. Terry Avenue to the east.
That includes one 2.08-acre private parcel bought by the club in July for $6 million. The stadium will be built around the Faith Deliverance Temple.
Orlando City Soccer will be financing all but $1 million of the sale price, to be paid over 15 years with interest, with two payments of $400,000 per year, starting in 2018. Total interest payments over that period could easily exceed $6 million, unless the soccer club pays off the loan early.
Lenny Santiago, spokesman for the club, declined to confirm on Monday which lending institution Orlando City Soccer will procure its mortgage from.