The cost of building a Major League Baseball Stadium in Orlando could rise to 20% (approximately $300 million) by the time construction begins.
The proposed 45,000-seat stadium, originally estimated at $1.675 billion, including a parking garage, could ultimately be close to $2 billion. Jim Schnoff, co-founder and CFO of Orlando City Baseball Dreamers LLC, told Orlando Business Journal that the group tried to consider potential increased costs and design changes, but the rise in costs could potentially result in a higher final price than expected.
“We were proactive in estimating, allowing for an increase in unknown emergency response costs along with design changes,” Schnoff said. “As of today, that number could be slightly higher and I think it could be in the $2 billion range by the time construction begins.”
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Dreamers hope to build the stadium on an Orange County-owned 35.5 acres next to SeaWorld’s Aquatica Water Park. Snoff said locations both inside and outside the county are being proposed, but the group continues to consider the international drive area as the best.
The group has secured a financial commitment of around $1.5 billion to acquire the MLB franchise, and another $1 billion pledged to build the stadium. Among the major advocates are Dr. Rick Workman, founder of Heartland Dental, who serves as the lead investor for Dreamers, and John Morgan, founder of Morgan & Morgan’s law firm.
