ORLANDO, Fla. \u2014 The city of Orlando has approved a financing plan to pay for several multimillion-dollar projects downtown, a move city leaders say will shape the area\u2019s future, but one that some business owners fear may come too late for them.<\/p>\n
City commissioners approved the plan Monday to use $160 million in Tax Increment Revenue Bonds to fund a series of projects aimed at increasing foot traffic, improving walkability, and transforming underused spaces in downtown Orlando.<\/p>\n
The city says the approach allows them to invest now in long-planned improvements while leveraging future tax revenue generated within what is known as the Downtown Community Redevelopment Agency (CRA), which was created in 1980 to revitalize 1,664 acres in downtown.<\/p>\n
During a council meeting and workshop on Monday, commissioners discussed the \u201cCanopy,\u201d a project that will be funded by the $160 million bonds.<\/p>\n
The Canopy project promises to convert 10 acres of space under I-4 into at least 300 parking spots, a rideshare hub, and a landscaped urban gathering space. The project is expected to cost about $30 million, with construction beginning this summer and completion projected for 2027 or early 2028.<\/p>\n
David Barilla, executive director of the Downtown Development Board, said the upcoming year will mark a turning point for downtown development.<\/p>\n
\u201cI jokingly say that this year in downtown, it will be shovel after shovel, but that couldn\u2019t be more spot on,\u201d said Barilla. <\/p>\n
Barilla said the city has spent years studying how to revitalize downtown, including feedback from thousands of community members.<\/p>\n
\u201cWe used all of that combined with very high-level research to kind of set the course for us,\u201d Barilla said.<\/p>\n
In addition to the Canopy, the $160 million in CRA Tax Increment Revenue Bonds will help support projects including roadway improvements along Church Street, enhancements to Lake Eola Park, and two-way traffic conversions on Orange Avenue and Rosalind Avenue. <\/p>\n
On Monday city officials also updated the timeline for the Church Street project which will add landscaping, slow vehicle traffic and create a curbless more walkable corridor.<\/p>\n
Officials said construction is expected to begin in April, with completion expected in 2027. <\/p>\n
For business owners along Church Street, the changes are welcome but overdue.<\/p>\n
Yehya Rizeq, owner of Crepe Delicious, said his restaurant is operating at a loss and struggling to survive as construction timelines continue to shift.<\/p>\n
Rizeq told Channel 9 to keep his business open; he is not taking a salary, and the business lost over $41,000 last year alone. <\/p>\n
\u201cMany places they closed already,\u201d Rizeq said, \u201cWe will be in the line to close if we don\u2019t get support quick and fast.\u201d<\/p>\n
Rizeq said that while the projects could eventually help bring more people to the area, his business may not last long enough to benefit.<\/p>\n
\u201cIf they finish their projects, fine, then we will get more foot traffic on Church Street, and it will help us. But we cannot hold on for that long.\u201d<\/p>\n
He told Channel 9 he believed businesses on Church Street needed a direct cash infusion from the city to help them survive months of anticipated construction. <\/p>\n
City leaders said that over the past three years, Orlando has directly supported 26 restaurant and retail businesses, marking a 550 percent increase during that time. However, that funding typically covers improvements business owners make to their own spaces, not operating costs.<\/p>\n
In addition to approving the financing mechanism, on Monday, commissioners voted to expand the Downtown CRA by approximately 47.15 acres of city-owned property primarily near Camping World Stadium. <\/p>\n
The City Council also passed an amendment to the DTO Action Plan, which supports improvements near both Camping World Stadium and Lake Lorna Doone Park, as well as new pocket parks, including one coming to 30 S. Orange Avenue.<\/p>\n
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