It seems to be a new growth.
This is a new plant to me, have it for only two months.
If I understood correctly, it blooms before the new growth matures and form a pbulb, somewhat like Zigopetalums.
Am I correct?
A great little species! One that I have had for about 10 years blooms reliably every March. I have quite recently gotten an alba that bloomed in January and a concolor that bloomed in early April. So I think I can generalize that it's an early-spring bloomer. All of mine are mounted - they have rather long rhizomes, so they tend to ramble. I don't recall how that relates to the new growth, but I suspect that it is on the new growths. You have a robust-looking plant that is quite happy in the pot. I have never tried to grow one in a pot, but the first was mounted when I got it, and the new ones were very small plants with not a lot of roots, and mounting seemed to be the way to go. Yours is well established. Perhaps it will also stay more compact, which would be excellent.
It is in the same pot and medium when I bought it. It seems to be a mix of coarse bark+a little bit of moss.
The label says only "Laelia lundii" so I don't know if it is a variation of the species (probably not as the labels of this vendor always indicate it).
Roberta, how much time do they usually take from this stage to bloom?
It looks happy, so I see no reason to move it until it needs it either from medium breakdown or it outgrows the pot. It is probably much easier to maintain potted, and the roots have developed in the medium so should be fine that way.
It definitely looks like blooming size, plenty of growths. ( My newer ones bloomed with only 2-3 small growths, the older one was very established when I got it). So look for flowers in the early spring.