General

Legoland Florida in Winterhaven to announce plans for expansion

Legoland Florida is expected to share its plans for expansion at an announcement March 19.  The Winterhaven theme park opened in October 2011. In less than two years, it has grown at a rapid pace, adding a “Star Wars” section and a water park.

Industry observers expect this newest attraction to either be a pirate-themed or based on Lego’s “Legends of Chima” line.

Legoland Florida opened on the site of the historic Cypress Gardens attraction, which was billed as Florida’s first commercial theme park. It has earned acclaim for maintain the character of the gardens while still creating a unique visitor experience.

As you can imagine, for an operation that is expanding as rapidly as Legoland Florida is, finding and acquiring the right parcels of commercial real estate is very important. Can you imagine what would happen if Legoland needed to acquire a nearby plot of land, but could not? That would put a serious cramp in business.

The need for suitable real estate is in no way limited to Legoland, of course. In fact, it is a concern for any business.

We often assist clients when they are seeking to acquire new real estate, either by purchase or lease. Here are three general tips we often share with our clients:

• If you’re opening your first location, make sure whichever site you pick gives you the freedom and flexibility to expand if you need to. If there isn’t physical room, look at the lease or purchase agreement and make sure that it does not unduly limit your ability to move if you need to.
• Don’t underestimate the importance of negotiation. In real estate, it’s expected that the buyer and seller will discuss their needs and preferences with each other and see if a mutually satisfactory agreement can be reached. In other words, don’t look at the listing price and assume it’s the final word.
• With real estate, there is always more than meets the eye. How can you be sure the soil is not contaminated, or that a building doesn’t have problems like asbestos or mold? It is always a good idea to have the target a prospective real estate transaction investigated thoroughly.

Sources:

• The Orlando Sentinel, “Legoland Florida: Expansion announced next week,” Dewayne Bevil, March 12, 2013
• The Orlando Business Journal, “Legoland Florida to announce expansion details March 19,” Richard Bilbao, March 12, 2013

Our Commercial Real Estate page may have more information that is of interest to you.

Fri Aug 24, 5:02pm