Mark Schlueb and Scott Maxwell of the Orlando Sentinel report: The Orlando Magic abruptly shelved plans to renovate the TD Waterhouse Centre, saying Thursday night that Central Florida's faltering economy had scuttled the $75 million project.

Magic executives, who had already seen their dreams for a new, $250 million basketball arena pared back to a renovation of the existing field house, said last week's terrorist attacks put their controversial plans in a new perspective.

"This just isn't the time," said Cari Coats, the team's vice president.