SAG was the financial advisor to the Orlando Performing Arts Center Corporation and managed the pre-development stage of the Dr. P. Phillips Performing Arts Center in Orlando, FL. The project included a 2,800-seat amplified theater, 1,800-seat acoustic theater, and 300-seat theater. The site is also planned to include a 200-room hotel, two 400,000 sf office buildings, and 500 residential condominium units.
SAG created a comprehensive finance plan that addressed both development and operating costs. From a development perspective, SAG worked with the City of Orlando and Orange County to create a plan of finance that includes philanthropy, State grants, tax increment financing, tourist development tax, and the sale of the old PAC site. The operating finance plan addressed the sustainability of the PAC, providing ongoing operating support generated by the development of the commercial real estate, capturing the taxes generated by the site’s commercial real estate, ongoing philanthropy, and securing annual funding commitments for capital replacements from the City.
SAG also led the effort to secure an $80 million line of credit to provide for upfront project costs that will be repaid by pledged donation collections over the construction period.
Project Components: 2,800-seat theater, 1,800-seat theater, 300-seat theatre, school of the arts.
Project Value: $400 million