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Future Mall's Property Taxes Paying for Pricey Interchange

ORLANDO-The state's Department of Transportation didn't have enough funds to build the $35 million overpass at Interstate 4 and Conroy Road, so Michigan-based Forbes and Taubman companies pledged future city and county taxes of their 1.3 million-sf Mall at Millenia to cover the cost over the next 25 years.

By Alex Finkelstein | Updated on March 22, 2001

ORLANDO-In one of the most creative financing deals ever hatched here, Michigan-based Forbes and Taubman companies are paying for a $35 million interchange at their 1.3 million-sf Mall at Millenia scheduled to open in south Orlando with national anchors in fall 2002.

The developers are footing the bill because the Florida Department of Transportation confirms it didn’t have enough money budgeted when the interchange proposal was first made in 1991 by the Schrimsher real estate family of Orlando which owned the land.

“It might have taken us another 10 to 15 years” to find the funds for the project, DOT communications director Steve Homan tells GlobeSt.com. The DOT normally pays for interchange construction.

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