The cost of building a Major League Baseball stadium in Orlando could rise by as much as 20% — or roughly $300 million — by the time construction begins, according to the Orlando Dreamers group leading the effort.
Originally estimated at $1.675 billion including parking garages, the proposed 45,000-seat stadium may ultimately cost closer to $2 billion. Jim Schnorf, co-founder and CFO of Orlando City Baseball Dreamers LLC, told the Orlando Business Journal that while the group tried to account for potential cost increases and design changes, rising expenses could push the final price higher than anticipated.
“We tried to be proactive in our estimates, allowing for some unknown contingency cost increases with design changes, etc.,” Schnorf said. “As of today, that figure could be slightly higher, and we suspect could be in the $2 billion range by the time construction would start.”
The Dreamers still hope to build the stadium on a 35.5-acre site owned by Orange County, located next to SeaWorld’s Aquatica water park. Schnorf said other locations both within and outside the county have been proposed, but the group continues to view the International Drive area as the best fit.
The group has secured approximately $1.5 billion in financial commitments to acquire an MLB franchise, and another $1 billion pledged for stadium construction. Among the key backers are Dr. Rick Workman, founder of Heartland Dental, who serves as the Dreamers’ lead investor, and Morgan & Morgan law firm founder John Morgan, who said he has committed up to $250 million toward the initiative.
