The theme park capital of the world looks set to gain the tallest rollercoaster ever built as part of a US$500m (€472m, £333m) development after Orange County commissioners approved plans for the proposed Skyplex development on Orlando’s I-Drive.

The record-breaking ‘Polercoaster,’ designed by US Thrill Rides, will send riders 501 feet (152.7 metres) into the air at speeds of up to 65 miles per hour. The innovative design sees the ride travel vertically around a supporting tower, with a four minute descent of twists and turns inside a compact and confined space.

The Skyplex development has been strongly opposed by Universal Orlando, which fought the project on the basis of traffic concerns and the Polercoaster’s height. Universal denies its opposition is linked to its own interests, with the operator rumoured to be considering a new theme park or large-scale development on land nearby to Skyplex. Despite the park’s opposition, a large majority of business leaders and residents from the local area backed the development at the meeting, with a unanimous vote for approval from county commissioners.

The tower is planned to also include an observation deck at 535 feet (163 metres), rotating restaurant and a thrill drop ride. The Federal Aviation Authority has approved the tower’s height up to 700 foot (213 metres), though the developers say it will not exceed 600.

In addition to the colossal tower, the 495,000sq ft (46,000sq m) shopping and entertainment complex, designed by Orlando-based architectural firm HHCP, will feature a surf park, ziplines, a Perkins Pancake House and a hotel. Still needing final county approval before moving forward with planning and construction, Skyplex Orlando is expected to be open by 2018.