After years of speculation about the possibility of a 5th major theme park at Walt Disney World, we may have a bit of insight to the possibility in the future. At the Central Florida Tourism Oversight District board meeting on June 12, a 15-year development agreement between the district and Walt Disney Parks & Resorts, Inc was approved by the board. What does this mean for the short and longer-term vision of capital improvements and park development?
Highlights:
- Disney plans to invest up to $17 billion for capital improvements over the next 10 to 20 years, with an initial commitment of $8 billion over the next 10 years.
- The agreement allows Disney to construct a 5th major theme park and two additional minor parks, such as a water park.
- The plans includes an increase of 13,000+ hotel rooms on property as well as an expansion of restaurant and retail space of approximately 20%.
In the public comment portion of the June 5th meeting, local business voices were heard in strong support for this approval. Sherry Cioffi, of Millennium Management Group, representing businesses at Disney Springs, articulated the potential impact well: "The $17 billion proposed Disney investment will certainly bring more jobs, more tourists, and more economic development to our region... As a small business, we see the importance of the growth that this will bring in the near term as well as moving forward."
The board gave unanimous approval, providing confidence in Central Florida's growth. What does this mean for the Orlando area real estate market? With the addition of anticipated capital investments comes the increased need for residential properties, including primary residences, as well as Orlando area vacation and investment homes.
While it may awhile before any announcements of a new park, we can still keep dreaming about it! What would your ideal new Disney theme park look like? Many forums, blogs, and threads have long discussed concepts for a 5th park. Will they model off of sister parks such as Toykyo Disney Sea or create a dedicated Villain's park? Only time will tell! Leave your ideas in the comments below; we'd love to hear from you.
