The 46,783-sf Taco Bell, on tourist-heavy International Drive inSouth Orlando, had blocked planning progress of a $500-millionexpansion to the 1.2-million sf Orange County Convention Center.Taco Bell had previously refused to sell the property.
If the parties hadn't settled, the county could have seized thereal estate under the state's eminent domain statute and paid TacoBell what it considered to be a fair market value price. Primecorner parcels on International Drive, Orlando's major touristcorridor, have sold for $500,000 to $1 million per acre in the pasttwo years. National gas station owners have been the buyers in manyof the transactions. Orange County needed the Taco Bell parcel toraise $300 million in revenue bonds to finance the expansion'sfirst phase. The Taco Bell will be demolished by year-end.
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