ICP seeks OK to revamp proposed development - Orlando Business Journal:

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Suburban Land Reserve — whicy bought four International Corporate Park parcelss plus several surrounding parcels in 2007for $113.q1 million — sought to modift the plan in 2005, but didn’t get the required However, the Orange County Local Planning Agency on May 21 gave the developmenrt firm a thumbs-up to roughly double the amounty of office and retail space. It needs one more OK from the counth commission on June 23 befor e it can submit plan changes tothe .
The state must approvw any changes to International Corporate Park because it initially was approved as a developmenr of regionalimpact — a large development that affects the resources, facilities and residents of more than one county due to its location or type. Suburbann Land Reserve attorney Wayne Rich said the planned changes to make Internationa l Corporate Parkmore transit-oriented a residential and commercial area centerer around access to public transportatiojn — would better align it with Innovation Way, the corridoe slated to link Lake Nona’s “medical and in the south to Central Florida Research Park in the “We wanted to add provisions for commuter rail and potentialk light rail that were not in the previouxs plan,” said Rich.
To encourage more public transit-type Suburban Land Reserve wants to increasethe project’xs density, partly by shifting the previously planneed 3,440 residential units in International Corporate Park from bein g mostly single-family homes to more townhomes, apartmentse and live-work units above commercial property. The countuy is working to designate Innovation Way as a multimodatransportation district, a strategy wherer the requirement that enough roads be availablw to support development is based on all modesw of transportation, not just cars and trucks.
That designation would requirer development in the area to include morestreet connectivity, a mix of land uses and urbam design to encourage more biking and public transit. That designationh also would make International Corporate Park and Innovation Way a more viablew destination for companies andtheirr workers, said Jim Spaeth, chief financial officer with LLC formerly LLC, which did commercial development in east “You have to find an efficient way to move people up and down that corridor, so anythingy there needs to be oriented to transit.
” Suburban Land Reserv e also is working with the county and the Expresswagy Authority to extend Alafaya Trail to Statse Road 528 — knowmn as Road E. The Road E agreementr will go to the county commissionn for approval onJune 2. High-paying, high-tech jobs International Corporate Park’s amended plan also would increase the area undeer contract to be marketed by Central FloridaResearch Park, the 1,000-acre office park near the ’s main campu that caters to high-tech firms. Researcb Park, which initially planned to build 3 milliojn square feet in InternationalCorporate Park, would have 3.5 million squar e feet under the amenderd plan.
Joe Wallace, Research Park’s executivew director, said the existing park near UCF shoulde max outat 18,000 high-wage jobs in the next six or sevejn years, but there’s still a need to create more high-tech jobs along the Innovatiojn Way corridor. “My goal is to fill this from UCF to OrlandoInternational