Here's a map with the iFLY land (that small red box) relative to the purple properties (SLRC) that Universal bought in the 475 acre package.
The key to everything is still the 800 or so acres owned by UCPM III/FQP controlled by Stan Thomas which surrounds and connects the SLRC land.
That iFLY land is on the same road as that big chunk of land owned by UCPM III and isn't too far from some of the SLRC property, so it could be useful, but the main focus is probably on the UCPM III/FQP properties. The big question here is how long will it take Universal to get all of that sorted out.
I don't think they can really build anything until they get a firm grasp on how all of that 1300 acres would work together if they could get the whole thing for a reasonable price (under $500 million - obviously the asking price per acre will be way higher than the cheap price they got for the 475 acres in foreclosure).
Even if Universal can't get all of it, I think they for sure want all of the land south of Sand Lake Road to build a 2nd resort of roughly 800-900 acres (slightly larger than the current one). They might be willing to go without the 2 big parcels in the Northeast but in my opinion, the whole thing (1300 acres including SLRC) would solve any future land issues permanently.