Skyplex Project Cancellation
The Skyplex project, once envisioned as a 500-foot tower rollercoaster attraction, has officially been shelved. The ambitious project fell victim to financing issues that arose during the pandemic, leading to its cancellation. This development marks the end of a highly anticipated project that was first announced in 2014 and had been the subject of both excitement and controversy, notably from Universal Orlando, concerned about its impact on their Epic Universe site.
Land Sale or Lease
Josh Wallack, the owner of Mango’s Tropical Cafe and the visionary behind the Skyplex project, has shifted his focus to the land’s future in a new capacity. He is now offering the six-parcel site on International Drive (I-Drive) for sale or lease. In a move to attract a broad range of interest, Wallack has not specified a price, opting instead to accept bids and proposals from potential buyers.
Ideal Projects for the Site
While the Skyplex project has been canceled, Wallack has expressed interest in projects that cater to the thriving tourist and convention market. Ideal developments might include amenities such as convention space, meeting rooms, and an expansive outdoor pool area equipped with features like a lazy river. A luxury hotel complex featuring a crystal lagoon and multiple towers is one concept that aligns with Wallack’s vision for the site. Such a development could potentially redefine the I-Drive area, enhancing its appeal to visitors.
Property Details
The property spans a significant 13 acres across six parcels, offering vast possibilities for development. It includes existing businesses such as Burger King, Hulk Hogan’s Wrestling Shop, and Perkins, alongside vacant parcels off Canada Avenue. Wallack’s investment in the land reached over $29 million, indicating the potential value and strategic importance of the site.
Zoning and Development Potential
The site offers extensive developmental possibilities, having been rezoned for construction with virtually no height restrictions. This change enables the creation of dense, vertical structures, which could include large resorts, condominiums, or a combination of both. The zoning flexibility opens the door for imaginative and grand-scale projects that could alter the skyline of I-Drive.
Marketing and Financial Requirements
The property is being marketed by the experienced team of Joe Ramsberger, Lee Ann Korst, and Michael McShea of CBRE. To ensure only serious contenders, potential bidders must be pre-qualified, demonstrating the financial ability to close the deal. This includes showing capability for cash payment or securing a substantial ground lease before obtaining necessary project financing.
Pedestrian Bridge Plans
Despite the changes, Wallack remains committed to developing a pedestrian bridge across I-Drive and Sand Lake Road. This infrastructure project aims to link Mango’s, the Skyplex property, and the planned InterContinental hotel. It is anticipated that the bridge will be completed by 2028 or 2029, contributing to the area’s accessibility and cohesion.
I-Drive Redevelopment
International Drive is currently undergoing a massive redevelopment phase, with over $5 billion pledged to new projects. This transformation is expected to enhance the value and allure of properties in the area, including the former Skyplex site. The corridor is set to see an influx of new hotels, attractions, and infrastructure, significantly boosting the region’s appeal, particularly with the addition of Universal Orlando’s Epic Universe.
The cancellation of Skyplex marks a shift in the developmental landscape of I-Drive, with its prime location ready to entice ambitious projects that will redefine one of Orlando’s most famous thoroughfares. As the area evolves, the former Skyplex site holds promise for exciting new opportunities catering to an ever-growing market of tourists and convention-goers.
