A financing plan of $160 million has been approved by the city of Orlando that will help to reshape downtown and fund several projects worth many millions of dollars.
Tax Increment Revenue Bonds will be used to finance several projects designed to improve walkability, increase foot traffic, and revitalize spaces that are underused in downtown Orlando.
The Canopy, an initiative of $30 million, is one of the primary projects to be funded. This project will transform 10 acres below Interstate 4 into a multifunctional urban space. It will feature a rideshare hub, a landscaped gathering area, and at least 300 parking spaces.
The funding will also go towards several other projects, including enhancements to Lake Eola Park, roadway improvements along Church Street, and the conversion of Rosalind and Orange Avenues into two-way streets. Among the improvements to Church Street will be landscaping and the creation of a walkable corridor without curbs that will help to slow vehicular traffic.
Officials have said that these efforts will create a downtown area that is more vibrant and friendly to pedestrians. Executive director of the Downtown Development Board, David Barilla, expressed his optimism about these projects despite all the upcoming construction work. More details about such projects can be shared with the community with flyer printing.
Construction on The Canopy and many other projects is expected to begin this year and to be completed sometime next year.
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