The 1,000 seat theatre will be updated. Their gigantic shows will still be held at Bob Carr Performing Arts Center until the Dr Phillips Performing Arts Center gets completed.
It appears the current staff of Plaza live are staying: Plaza Live general manager Kirk Colvin said "...we are excited to begin working with people who are as passionate about music as our staff and patrons are."
The venue will not be a classical-only spot. They will host "rock, jazz, comedy and contemporary music" events as well.
We've reached out to Orlando Shakes for comment. (See the interview with Orlando Shakes here)