ATLANTA -- Blockbuster Park, the giant entertainment complex planned for South Florida that could have involved issuance of about $1 billion of municipal debt, has been canceled.
Viacom Inc., which recently bought Blockbuster Entertainment Corp., the park's developer, said late Friday that the park did not fit into its long-range plans.
"Since the subsequent merger with Viacom, Blockbuster business priorities have been reassessed to align them with the entire Viacom organization," the company said in a written statement.
Viacom's efforts "would be better directed at pursuing our core businesses, the creation, marketing, and distribution of copyrighted material," the statement added.
Under a plan envisioned by Blockbuster's founder, H. Wayne Huizenga, the park would have covered a 2,500-acre block of land already purchased north of Miami that straddles the borders of Dade and Broward counties.
It would have included stadiums for two professional sports franchises, the Florida Marlins baseball team and the Florida Panthers hockey team. In addition, planners envisioned an aquatic park, a virtual reality center, a golf resort, a movie and music production center, and hotels, restaurants, and movie theaters.
This spring, in an effort to help move the plan along, Florida's legislature passed a bill permitting the establishment of entertainment districts with some governmental powers. Under the letislation, the districts were permitted to levy an optional one-cent sales tax and sell municipal revenue debt.
Under some estimates, about $1 billion of revenue bonds might have been issued to help fund the park, which planners say would have cost as much as $2 billion.
Under the enabling legislation, the entertainment districts will be dissolved in five years if not developed.
Counting on an economic boost from the planned facility, a number of local governments approved the concept of Blockbuster Park, including the city of Miramar, Broward County, and Dade County.
However, environmentalists had strenuously opposed opening the park, claiming it would damage the nearby Everglades and compromise the water supply in Southern Florida. Residents in the proximity of the proposed park site had also fought it, arguing that it would have strained local infrastructure facilities.
In a news conference held Friday at his Ft. Lauderdale offices, Huizenga expressed regret over Viacom's veto of the project, which he attributed to the park's cost and 10-year construction period.
"Personally, I'm disappointed the project will not be developed," he said. "I believed this was good for Blockbuster Entertainment Corp. and good for South Florida, but I appreciate the broader strategic context for this decision."
Huizenga said he remains committed to building a hockey arena for the Panthers. But the Marlins, he said, will probably remain at their current site, Joe Robbie Stadium in Miami.
"I have a commitment to build a hockey arena," Huizenga said. "I would like to build a ballpark," he continued. "'Committed' and 'would like to' are different things."
Viacom officials did not return phone calls seeking comment yesterday.
Since 1993, Blockbuster has spent $40 million acquiring land and $10 million in planning costs for the project.
In addition to its purchase of Blockbuster Entertainment in September, Viacom also acquired Paramount Communications this year, accumulating $10.2 billion in debt.
