Universal Orlando Resort Expansion (Part 1)

[zg44]

Okay, now I'm confused. Can they, or can they not, start building after the hearing in April?

The April 10 hearing is for both sides' summary judgment motions.

If the judge finds that there's no issue that requires trial and one side has proper legal interpretation of the situation, then he can grant that side side summary judgment and the case would end by the end of April/May (whenever the judge issues the ruling).

So it's possible yeah. I think it's 50-50 though.

Universal has a strong argument for summary judgment based on Florida law, but the judge may require a trial to sort out the facts of when the covenants were changed and whether they allow Universal to build a theme park/attractions.

Either way I think this will end up sorted out by the end of this year.

 

[Disneyhead]

Okay, now I'm confused. Can they, or can they not, start building after the hearing in April?

There are several legal motion happening at once. After the zoning issue is settled in April they can start developing the 650 acres they already own.

 

[zg44]

Also I need to point out again that the lawsuit is only aimed at stopping Universal from building theme parks/attractions. (i.e. so Universal has to pay Stan Thomas a big ransom).

So Universal can start work on the general resort (land prep, hotels, CityWalk 2.0) and backoffice facilities (as they already showed plans for the 101 acres on Sand Lake).

The lawsuit only affects the actual building of the theme park/water park.

 

[Firefingers]

Also I need to point out again that the lawsuit is only aimed at stopping Universal from building theme parks/attractions. (i.e. so Universal has to pay Stan Thomas a big ransom).

So Universal can start work on the general resort (land prep, hotels, CityWalk 2.0) and backoffice facilities (as they already showed plans for the 101 acres on Sand Lake).

The lawsuit only affects the actual building of the theme park/water park.

Given how long land prep takes before construction stars, would the be able to put in utilities like water and power but not going vertical? And what about landscaping? If so, the whole first year could be for “not a theme park”. Or does the law recognise obvious intent of actions?

 

[zg44]

Given how long land prep takes before construction stars, would the be able to put in utilities like water and power but not going vertical? And what about landscaping? If so, the whole first year could be for “not a theme park”. Or does the law recognise obvious intent of actions?

In the case of building something like a theme park or attraction, it wouldn't.

The reality is any injunctive action related to the lawsuit would be very ineffective at halting most of the early work of building a theme park.

It's really only when you start to put up the actual signature pieces of the lands/attractions that you'd have legal issues.

But yeah, to make a long story short, Universal's building schedule is unlikely to be impacted by the lawsuit. They can finesse the process so that they're not "building a theme park" until after they're clearly able to do so.

 

[fryoj]

Without those prime parcels on Universal Blvd., the leftover lands in UCPM III are mostly only worth owning by Universal.

If they could get the zoning resolved, get the right of way plots that cross their current properties, and get the FQP plots that they surround by the treatment plant, it might be worth letting the Universal Blvd plots go. They are the most valuable, for sure, but I think those other plots are more valuable to Universal overall. Sure, they want those plots too. But if this could all go away tomorrow, with ST keeping those two plots and Uni getting the rest and paying off the foreclosure, I think everyone wins. Granted, I don't know how deep ST is in debt on those deals.

Given how long land prep takes before construction stars, would the be able to put in utilities like water and power but not going vertical? And what about landscaping? If so, the whole first year could be for “not a theme park”. Or does the law recognise obvious intent of actions?

It's a little sketchy to do that, and I'm not sure the county would allow it. With there being an active lawsuit on the property, I think the county would be hesitant to approve vague plans. And if they start moving dirt and putting in utilities, you risk pissing off the judge. It also gives lawyers on the other side, and outside investors, more leverage against Uni. Right now, they can always cut that lot up and sell or develop it. They start doing infrastructure, it gets harder.

Now if there is still LMCO cleanup that has to be done, I think they'd be pretty safe starting on that. That is stuff that is going to have to happen anyway and would increase the value of the property to have it completed.

 

[zg44]

If they could get the zoning resolved, get the right of way plots that cross their current properties, and get the FQP plots that they surround by the treatment plant, it might be worth letting the Universal Blvd plots go. They are the most valuable, for sure, but I think those other plots are more valuable to Universal overall. Sure, they want those plots too. But if this could all go away tomorrow, with ST keeping those two plots and Uni getting the rest and paying off the foreclosure, I think everyone wins. Granted, I don't know how deep ST is in debt on those deals.

That was the original offer that Universal made before the lawsuit commenced. That Universal would take the right-of-way plots/connectors/stormwater areas and leave the most valuable parcels in UCPM III for Stan Thomas.

Now though I suspect that Universal is going for everything. The only reason the partnership started the foreclosure process is because Universal's probably assured them that they'll be made whole at the foreclosure sale for the Universal Blvd. parcels. Same situation as what happened with the 475 acres.

Universal's been in close contact with Stan Thomas' debt-holders. That may be why he's trying so hard at this lawsuit; also why the relationship between them is so bad.

 

[Teebin]

I so much enjoy watching the postings of you persons who know so much about these legal and financial goings on. Some of it flies right over my head but it is overall fascinating to read.

 

[Scott W.]

I so much enjoy watching the postings of you persons who know so much about these legal and financial goings on. Some of it flies right over my head but it is overall fascinating to read.

I find it fascinating to see some posters who post very little get really dedicated to a particular thread and just dominate all the news and advancements in what's happening. @zg44 being the prime example here.

 

[Frank Drackman]

What, the ferris wheel? That will disappear in a flash once buildings and facades and landscaping is in place.

That said, if you stand in IOA or US and look for Fun Spot America, then you can probably find it on the horizon. The good news is that it is not where peoples heads are at. They see the pretty stuff right in front of them.

But there's that view from the volcano (or was it some of the other slides?)....I just know I could see the OCCC building from VB!

 

[Magic-Man]

Out of curiosity, how many acres is Universal's current resort? (including CitiWalk, parking garages, and Volcano Bay)

 

[Scott W.]

 

[Teebin]

This pedestrian bridge must be causing questions after yesterdays incident in Miami. I wonder if it is to be of prefabbed concrete.

 

[Scott W.]

This pedestrian bridge must be causing questions after yesterdays incident in Miami. I wonder if it is to be of prefabbed concrete.

I was thinking the same. You can guarantee that everything on this project has been checked, double checked and triple checked since yesterday.

 

[AlexanderMBush]

Out of curiosity, how many acres is Universal's current resort? (including CitiWalk, parking garages, and Volcano Bay)

I might be wrong, but it's about 682 acres.

 

[Magic-Man]

I might be wrong, but it's about 682 acres.

And the current land adds up to about 600 acres?

 

[Magic-Man]

Hopefully they go for something like Aquatica for the second waterpark. Add a little more theming and slides, take away the animals, and you got yourself one heck of a park. It doesn't even have to be extremely big.

 

[Nick]

It wouldn’t be underground. CityWalk would be on the 4th or 5th floor. Imagine something similar to a multi level airport.

It's a little known thing, but CityWalk as-is in UOR is on the second floor. There's a tunnel system underneath for deliveries to the clubs and for trash dumps from the clubs. It's nowhere near as big as MK's, but it's pretty much the same thing having been in both.

 

[Collin]

Next park should be...
Universal Classic Movies:
-Lands-
Old Hollywood
Classic Monsters
Back to the Future
Ghostbusters
Star Trek
Wizard of Oz
Jaws
Goonies

 

[happy bunny rabbit]

Next park should be...
Universal Classic Movies:
-Lands-
Old Hollywood
Classic Monsters
Back to the Future
Ghostbusters
Star Trek
Wizard of Oz
Jaws
Goonies

That'd be cool! but they won't!