Disney’s ambitious $17 billion expansion plan in Florida is moving forward with a significant development. On Wednesday, the Central Florida Tourism Oversight District (CFTOD) granted initial approval for a new agreement with The Walt Disney Company to broaden its presence in the state.
The agreement, which spans 15 years, encompasses approximately 17,000 acres of land owned by Disney Parks and Resorts in Orlando. Key aspects of the deal include a commitment to a “buy local” initiative, mandating that at least 50% of construction goods and services be sourced from Florida-based businesses.
This agreement paves the way for Disney to potentially build a fifth theme park at Disney World and add up to 13,000 new hotel rooms, increasing the total to 53,000 rooms. Additionally, the expansion will boost retail and dining space by over 20% and might include two new water parks.
Expansion Possibilities of Construction Investment
This expansion plan is part of Disney’s larger $60 billion investment strategy for global entertainment ventures, announced in September 2023. The company is also completing other projects, such as renovating Splash Mountain and opening “Tiana’s Bayou Adventure” at both Disneyland and Disney World.
Disney has also pledged to donate 100 acres of its 24,000-acre property for infrastructure projects managed by CFTOD and to invest $10 million in affordable housing in the region. A second vote for final approval is scheduled for June 12.
As Disney completes ongoing projects like the renovation of Splash Mountain and the debut of “Tiana’s Bayou Adventure” at Disneyland and Disney World, the company has been eyeing broader expansion opportunities. In September 2023, Disney announced plans to invest $60 billion in global entertainment ventures over the next decade, with potential developments in Shanghai, Hong Kong, and new cruise destinations such as Australia and New Zealand.
Attendance Shifts
Epic Universe is projected to draw 5-6 million visitors in its first year. Some of these visitors are likely to come at the expense of existing Orlando parks, including Disney World.
The new park will increase competition between Universal and Disney, potentially spurring Disney to enhance and expand its existing attractions.
An Uphill Political Battle
The five supervisors appointed by DeSantis to oversee the Disney World district gave preliminary approval to a new development agreement. This agreement was negotiated as part of a settlement reached in March that resolved their state court lawsuits. A final vote on the agreement is scheduled for next week.
Charbel Barakat, vice chair of the district’s board, expressed enthusiasm about the progress: “We are heading towards a brand-new day, and I’m excited about where this is going. I only wish we could have reached this point sooner.”
Final Thoughts
Ultimately, this dynamic interplay between Disney and Universal will likely lead to an exciting era of growth and development in Central Florida’s theme park industry, benefiting both the companies involved and the millions of guests who flock to experience the magic of these iconic destinations. As Disney continues to invest in its parks and respond to new challenges, the future promises to be vibrant and full of possibilities for theme park enthusiasts.
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