On Tuesday, the Orlando Philharmonic announced that it had closed on the Plaza Live building on Bumby Avenue. It paid $3.4 million for the 28,843-square foot property. The sale includes the Plaza Live business and the contents of the building.
The Plaza Live building was constructed in 1963. The Orlando Philharmonic has said it will extensively remodel the building, which includes a performance hall, a rehearsal space and smaller spaces like dressing rooms and a sheet music library. Renovations are anticipated to start before the end of the year.
In a statement, a representative for the Orlando Philharmonic said the goal is to make the Plaza Live building "a 21st-century live music venue" that will be able to serve fans of not only orchestral music, but also of other genres that might be performed there.
Interestingly enough, the Plaza Live building is valued at $2.1 million on Orange County tax records. However, an independent appraisal valued the building and its contents at $4.3 million.
Arts organizations like the Orlando Philharmonic are important assets in creating a community and sense of place, so we hope that this purchase proves to be beneficial for the orchestra.
The reason we took interest in this story is that we work with a great many commercial real estate clients, so we try to keep abreast of what is happening in the local real estate scene. Being informed about what is happening in and around Orlando helps us offer the best service possible to our clients.
Source: The Orlando Business Journal, "Orlando Philharmonic buys Plaza Live for $3.4M," Megan Anderson, Aug. 7, 2013