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Universal Studios Acquires New Properties for Park Expansion in Orlando
Posted by Leonardo Martins
in: Economy, Investment, Tourism
EXPANSION WILL BRING BIG MONEY TO ORLANDO
Universal has acquired acres of land in Orlando for a possible theme park expansion, along with deed restrictions that were previously intended to block rival theme parks from being built there.
Credits to: Paul Brinkmann - Orlando Sentinel
According to Forbes, Orlando the city was chosen number 1 in the United States for real estate investment in 2018.
Paving the way for a new theme park, Universal acquired on Thursday hundreds of additional acres in Orlandotogether with the deed restrictions that were previously intended to block this project.
The move came one day after the company settled a long-running legal dispute with a former owner of the property.
"We are excited about our plans for this area and look forward to sharing more when the time is right," wrote the Universal spokesman Tom Schroder, in an email. "We also look forward to working with our neighbors in the area and our partners in the community as we move forward."
Deeds filed in Orange County on Thursday show the transfer of land from Georgia businessman Stan Thomas to Universal's subsidiary, SLRC Holdings LLC. The exact acreage was not announced and could not be determined from the deeds, but it was most of what Thomas owned.
Also on file Thursday is a formal assignment of rights to Universal that Thomas previously held to the land. The documents appear to eliminate any question Universal may have for build a big theme parkalthough further authorizations are still required.
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In a complex set of transactions involving the Universal and real estate and investment companies, Thomas has also retained some property in the area, county records show.
He signed a new mortgage on the land he still controls, acknowledging a new loan of US $ 19.25 million of the real estate investment company Hudland Holdings.
The records did not explicitly state how much Universal paid Thomas, but indicate that his affiliated companies managed to annihilate at least US $ 144.7 million in debts related to its properties, according to property records, including US $ 27 million that prompted a December shutdown of an Atlanta-based affiliate of Ardent Financial - AFF Universal.
Universal on Wednesday settled a lawsuit involving hundreds of acres that Universal bought in 2015 for US $ 130 million.
Thomas formerly owned that property and had sued the company, arguing that it still had the rights to impose restrictions on private deeds, including a ban on theme parks.
During the court hearings on this case, a lawyer from Universal made reference to theme park plans, telling a judge that they were "obviously top secret business information."
Speculation about the fate of the property ran rampant. tourism industry in Orlando for years, including the widespread belief that Universal is negotiating with Orange County for other permits, roads and other infrastructure.
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Universal Parks and Resorts and Nintendo entered into an agreement to create theme park attractions in May 2015
And in November 2016, NBCUniversal announced that it would build the Nintendo lands in parks in OrlandoCalifornia and Japan in the next few years.
The new area sets Universal up to become more of a destination property, similar to Disney, where people can stay for a period of days or even a week.
The property would also give the Orange County Convention Center a much closer attraction, allowing convention attendees walked to a theme park.
The area has been targeted for a possible theme park before. A predecessor of Universal - Universal Vivendi - owned the property years ago and had obtained government approvals to build attractions, thousands of hotel units and structures up to 400 feet high.
But the Universal Vivendi sold the land as part of an ongoing plan to cut costs and raise cash amid a downturn in the industry - and placed private restrictions to prevent competitors like Disney from building a rival park.
The property is south and east of the Lockheed Martin plant on Sand Lake Road. Lockheed formerly owned and sold about 2,000 acres in 1998.
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