Disney’s Lake Nona Decision Will Affect Neighboring Projects
Disney’s decision to cancel its Lake Nona campus will have long-term ramifications not just for the company but for Central Florida as a whole.
The $900 million office park in the community of Lake Nona was to anchor an 11,000-acre master-planned community and will affect the future of many other real-estate projects there.
Photo: Central Florida Development Council
A Project Years In the Making
In 2021, Disney purchased nearly 60 acres in the Orlando community of Lake Nona for $46 million. It was moving forward with the project as recently as March when it sought city approval for the plan.
The campus was to include 1.8 million square feet of space across eight buildings and three parking garages.
Photo: Tavistock Development Company
Earlier this month, Disney announced its plan to scrap the project, citing changing business conditions and new leadership. In fact, it will no longer relocate 2,000 employees from California.
A Blow To the Community
With the expectation of Disney’s arrival, nearly 2,100 apartment units had been constructed in the area. Single-family home builders also stepped up their plans.
The area also managed to attract a nearby Brightline train station to connect South Florida, in addition to corporate tenants such as KPMG and U.S. Tennis Association’s national campus.
Photo: Disney
“[Disney’s campus] would have been a transformational development project for Lake Nona,” said Lisa McNatt, a director of market analytics based in Orlando for CoStar Group. “It would have resulted in a strong uptick in higher-income jobs that could
have benefited the Orlando area at large.”
What happens next to Disney’s land remains unclear. If the company does not meet construction milestones, Tavistock Group, a private investment company, has the option to repurchase the land in seven years.
Photo: Lake Nona
At this time, Disney has declined to comment on its future plans for the Lake Nona land.
Thanks for visiting MickeyBlog.com! Want to go to Disney? For a FREE quote on your next Disney vacation, please fill out the form below and one of the agents from MickeyTravels, a Diamond level Authorized Disney Vacation Planner, will be in touch soon! Also, thanks for reading!
