Much of Orlando is abuzz over Universal Orlando's recent purchase of nearly 52 acres around the Wet 'n Wild theme park, just across the interstate from Universal's signature properties. The purchase is believed to have cost in the neighborhood of $31 million.
What has people talking is the uncertainy around Universal's plans for the commercial real estate. An executive for Universal gave a vague statement to the effect of the purchase fitting Universal's future goals, but did not go beyond that. Naturally, the gossip mill has gone into overdrive.
One rumor is that Universal would expand and improve upon the park as part of its expansion goals.
Another rumor is that Universal could have different plans for the parcel entirely. Last year, Wet 'n Wild drew in 1.2 million visitors, which placed it a distant fourth to Disney properties Typhoon Lagoon and Blizzard Beach and SeaWorld's Aquatica. In a tight commercial real estate market like ours, there is not any real room for underperformers, and it sounds as though Wet 'n Wild is not quite keeping up with the competition. Thus, maybe Universal did not want the theme park itself at all, only the land beneath it so it could have space for something else.
Given the secrecy with which Universal and its theme park rivals operate, it is likely we will not find out what the plans are for this parcel for quite some time. We will keep an eye on it and will update this blog with any newsworthy developments as they unfold.
Source: The Orlando Sentinel, "Universal Orlando buys Wet 'n Wild land," June 27, 2013