McGrady went on to make seven consecutive All-Star appearances after that summer. When he signed with the Magic, he was likely convinced by joining Hill as they were both free agents.
He was also under the impression that NBA star Tim Duncan was going to sign with Orlando as well, which nearly happened before Duncan had a change of heart.
It’s possible that McGrady was never seriously interested in joining the Heat, who were going to acquire him via sign-and-trade due to salary cap reasons, as evidenced by this report during that offseason.