We Are One Step Closer To Disney Worlds $17 Billion Development Plan Becoming a Reality
After almost two years of animosity between The Walt Disney Company and Florida Governor Ron DeSantis, which saw the dissolution of the Reedy Creek, a federal First Amendment lawsuit, and plenty of back and forth in the media, the two sides reached an amicable settlement earlier this year.
As part of the agreement, which Disney CEO Bob Iger called a “win-win,” Disney agreed to drop accept the dissolution of Reedy Creek and pause its federal litigation.
Photo: Maria Tamo/Getty Images
DeSantis, meanwhile, reconstructed the Central Florida Tourism Oversight District (CFTOD), creating a more Disney-friendly board.
Disney Will Invest $17 Billion in Walt Disney World
With the two sides not seemingly on the same page, we reported late last month that a new development plan was in the works.
Disney World
Today, the CFTOD board voted unanimously to move forward with the plan, which calls for Disney to spend $17 billion on Walt Disney World over the next 10 to 20 years.
Photo: CFTOD
“The development agreement will enable us to continue to invest significantly in the district,” said Woody Rodriguez, director of external affairs for Disney Parks, Experiences, and Products.
Terms of the Deal
Although Disney has yet to reveal the specifics of how it will spend the money, the new deal does call for a commitment of $8 billion during the first 10 years.
The company has also agreed to spend $10 million for affordable housing projects and support a “buy local initiative” where half of the construction goods and services will go to Florida businesses.
The CFTOD, meanwhile, is committing to funding improvements and infrastructure projects to help facilitate the new development. Previously, the board had considered investing roughly $100 in improvements.
Could a Fifth Park Become a Reality?
Perhaps most interesting for fans is that the new development plan authorizes five major theme parks. Obviously, Disney currently operates four parks. So, could a fifth be on the way?
According to the Orlando Sentinel, the agreement also allows four five major theme parks, 1.3 million square feet of office space, 1.7 million square feet of restaurant and retail space, and 53,476 hotel rooms.
Spaceship Earth
“We’re heading toward a brand new day, and I think we’re all very excited about where this is going for the employees and residents of the district and business people and really just for the people of Central Florida,” said Charbel Barakat, who is currently the acting chairman of the CFTOD board.
What’s Next?
Whether or not Disney builds a fifth gate, one thing is clear. A new era of Walt Disney World is on the horizon.
All four Disney World park maps
Before the new development plan becomes official, however, it will require another vote from the CFTOD. That vote will take place on June 12.
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