Currently based in Altamonte Springs, the institute inked a deal on Dec. 3 with Colonial Properties Trust to buy
5.25 acres at 950 Heathrow Park Lane near Lake Mary for $2 million. The closing is set for early February.
Chief Financial Officer David Polansky says the institute will construct an 85,000-square-foot building, breaking ground on the project by mid-2008. The building will involve some type of "green" construction, though the organization is still determining to what extent.
No architect or general contractor has been selected yet to oversee the project.
Once completed in mid- to late 2009, the institute will move out of its 38,000-square-foot headquarters on Maitland Avenue in Altamonte Springs and occupy about 60,000 square feet in the new building. The remaining space will be leased. Eventually, Polansky expects the institute to occupy the entire building.
"We have experienced tremendous growth in membership and revenue in recent years," says Polansky, noting that three years ago the organization employed 120 people. Today, it has 184 employees, and Polansky anticipates the employee base to almost double to 365 within 10 years.
That growth is being driven in large part by companies beefing up internal auditing practices, which evaluate governance processes, financial and operational systems and regulatory compliance.
The Institute of Internal Auditors is a volunteer professional organization and has established standards that are accepted within the industry. In addition, the institute provides certification and training for its 150,000 members.
"It's one of the fastest-growing professions in the world," says Scott McCallum, the institute's communications director.
The organization's move to Lake Mary is a perfect fit for the office park on the west side of Interstate 4, says Seminole County Commissioner Mike McLean. "It fits the vision Seminole County and Lake Mary have for the Lake Mary/I-4 corridor for clean, high-wage jobs that bring value to the community."
And the move strengthens the growing "fi-tech" hub -- financially focused companies -- the county has developed with the presence of Fiserv, Chase and Bank of New York, says John Ashworth, president and CEO of the Seminole County Regional Chamber of Commerce. "It's a feather in our cap to attract any organization that represents that many people worldwide."
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source: bizjournals.com
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