Answer: Your tree is most likely the Paulonia, commonly called Princess tree, Empress Tree, and Sapphire Dragon Tree.
This is a fast growing tree currently being promoted as a fast growing, beautiful landscape tree, as well as a source of a lightweight, close-grained wood for the timber industry. Most of this promoting is done by companies offering the trees for sale. I have seen a 3-year-old tree and can attest to the very rapid rate of growth. However, like many rapid growing trees, its tends to have weak brittle wood. This could pose quite a problem in an ice storm.
The following web site is by a company with a vested interest in the trees:
The next site is in the Adobe Acrobat format (pdf format) and is from the Florida Extension Service:
Here is a third web site with more information:
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