The plan is part of a $1.1 billion public building project that also includes a new arena and significant renovations to the Florida Citrus Bowl. The undertaking is the largest of its kind in Central Florida's history.
The performing arts center will comprise three halls, one of which will seat up to 2,800, and will be surrounded by condominiums, offices and retailers. Replacing the Bob Carr Performing Arts Centre, it will be home to the Orlando Philharmonic Orchestra, Orlando Opera, ballet companies, and touring Broadway shows and musicals.
Over 70% of the $110 million goal in private donations has been reached, with the rest set to come mainly from property and tourist taxes.
All new facilities in the plan will be "green" and environmentally friendly in design, reports the newspaper.
"History will look back on this day in the same light as when Walt Disney decided to bring his theme park to Central Florida," said Orlando Magic executive Alex Martins.