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Developer says $30M invested in iSquare Mall + Hotel so far

Developer says $30M invested in iSquare Mall + Hotel so far
An updated rendering of the iSquare development released in July, note the green-colored helipad atop the central part of the building. (HKS Architects)

With helipad permit approval next on the pre-construction checklist for iSquare Mall + Hotel, BlackMINE Group Chairman/CEO Abdul Mathin told GrowthSpotter Thursday he's invested roughly $30 million thus far in the project's real estate and development, and remains on pace to break ground in First Quarter 2016.

Orlando-based The BlackMINE Group, developer behind the retail and hotel complex planned for N. International Drive, will go before Orlando's Municipal Planning Board on Oct. 20 for a conditional use permit for a helipad atop the 350-foot building.

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In updated architectural designs submitted to the city in late August, the property will now stand 19 levels, with retail and parking occupying levels one through five, and the two hotels levels six through 19. The luxury hotel buildings will reach 350 feet, with a revolving restaurant at 400 feet and the helipad situated somewhere between 350 feet and iSquare's FAA-approved maximum of 450 feet, Mathin said.

Permit applications have been submitted to the city for helipad use and to carry passengers. Mathin said he's confident approval will be given by the planning board after following the application process.

Mathin said Thursday his firm and design partner HKS Architects are deep into schematic designs for the property now, working with utility companies on structural compliance and finalizing room sizes and interior designs.

His aim is to finish schematics and begin preparing construction documents in October, then begin preliminary submittal of construction documents in November to city staff for review.

After receiving city staff comments back, Mathin and his team would submit for building permits, with First Quarter 2016 remaining a target for site demolition and construction to start.

Planned for a 5.6-acre parcel at the southeast corner of I-Drive and Kirkman Road (now known as International Shoppes), Mathin bought the land in 2007 for $12.5 million.

The BlackMINE Group will invest up to $100 million of its own equity in the iSquare Mall + Hotel, with another $250 million sourced from private investors this year by a Manhattan-based financial advisory group, Mathin told GrowthSpotter back in mid-May. 

BlackMINE is a real estate investment and asset management group that has a stake in 27 holding companies, many of which generate revenue from commercial properties in cities around the U.S., Mathin said.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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