The City of Orlando and Orange County in Florida, US, have signed a deal to invest $175m to renovate the 76 year-old Florida Citrus Bowl Stadium.
The Orlando stadium currently hosts the Capital One and Russell Athletic Bowls and after the renovation the stadium will be able to host larger sporting events.
The renovated 65,000-seat stadium will have new suites, about 8,000 club seats, more restrooms, concession stands, and new banquet and ballroom spaces.
As per the plans, the lower bowl of the stadium will be completely replaced, while the recently implemented upper decks will be retained as they are.
The stadium project will be carried out in conjunction with the Church Street renovation, which will regenerate the area from downtown to the stadium and includes the $615m new Sun Rail transit system to improve transportation in the area.
A plan to fund the renovations was originally signed between Orlando and Orange County in 2007, including funding for the Dr. Phillips Performing Arts Center and the new Amway Center, but the stadium renovation was dropped until now due to financial constraints.
The City and County will establish two reserve funds to cover bond payments if there are no surplus Tourist Development Tax (TDT) funds.
Florida Citrus Sports CEO Steve Hogan said that with the upcoming upgrades, the stadium should be able to generate $250m in revenue each year, with 70% to 80% of that money coming from visitors spending money in Orlando.
"Most major sporting events are planning three, four [or] five years out," Hogan said.
Construction on the renovation project is expected to start in January or February 2014.
The Florida Citrus Bowl Stadium was originally constructed in 1936, with an initial capacity for 8,900 spectators.
Image: The City of Orlando and Orange County have struck a deal to invest $175m to renovate the Florida Citrus Bowl Stadium. Photo: Florida Citrus Sports.