Orange County Property Appraiser Rick Singh told a standing-room only crowd on Wednesday evening that, “the State of I-Drive is beyond strong – it’s in overdrive.”
Hosting the first-ever I-Drive forum and addressing more than 600 political, business and community leaders, tourism industry stakeholders and residents, Singh opined that I-Drive represents a unique area of significant impact within a mere 21 square miles.
Noting that the area contains some 7,700 parcels and 5,000 businesses with a market value of $11.5 billion, he said: “There’s an explosion of growth in the I-Drive corridor with all the new construction taking place.”
Recent and ongoing developments in I-Drive include, the northern side of I-Drive where Brazilian investors and the community are investing millions; Pointe Orlando on the south side of I-Drive which encompasses an outdoor shopping, dining and entertainment complex; and coming new attractions like The Orlando Eye, Madame Tussaud’s Wax Museum and Sealife Aquarium.
Other developments slated for I-Drive include, Mango’s Tropical Cafe and a planned $200 million 495,000-square foot Skyplex retail and entertainment development which will feature Skyscraper, the world’s tallest roller coaster and an observation tower.
In 2014, it is estimated that $367 million in new construction occurred in I-Drive, based on permits reported, Singh said.
Given the complexity of the appraisal process in Orange County, with its 17 theme parks, more than 84,000 hotel rooms and 14,000 time share units, the Property Appraiser said, the I-Drive area only adds to the complexity.
“I-Drive is unique and a challenge to the appraisal process and that’s why I moved swiftly to modernize the Property Appraiser’s Office,” Singh said.
The OCPA has implemented innovative mobile technology tools to ensure better quality field data collection, which has led to fair and equitable appraisals. And with an updated OCPA website, new tools such as an ‘Income Pro-forma for Commercial Properties,’ ‘Market Analysis for Residential Properties,’ and ‘Nearby Amenities,’ have been introduced, Singh said.
Panelists Susan Godorov, General Manager of Pointe Orlando; Richard Larkin, General Manager, Wyndham Orlando Resort-I-Drive; Alejandro Pezzini, COO – AMP Group/Perfumeland; Joshua Wallack, COO-Mango’s Tropical Cafe; and Charles Whittall-Founder, Unicorp National Developments, each shared highlights of I-Drive developments which they oversee and fielded questions from moderator Shannon Butler, Reporter WFTV -TV Channel 9, as well as, audience members.
Questions included: the complexity of development in the I-Drive corridor; green spaces and the extent of their incorporation into new developments; how are minorities benefiting from I-Drive’s ‘boom’; meeting the challenge of traffic congestion in the I-Drive area; and corporate social responsibility.
All agreed that, the new developments in I-Drive would have a positive impact, namely, enhancing the area’s competitiveness, boosting employment and leading to greater economic output, as well as improved quality of life along the way.
