Disney set to invest $17B in Florida parks, opening door for 5th theme park

[Kennywood]

ORLANDO, Fla. (AP) — Months after Disney and Gov. Ron DeSantis’ appointees agreed to end a protracted legal fight, the two sides are set to approve an agreement that could result in the company investing $17 billion into its Florida resort and opens the door to a fifth major theme park at Walt Disney World.

The five DeSantis-appointed supervisors who oversee the Disney World district will vote Wednesday on a new development agreement that both sides had agreed to negotiate after a March settlement ended their state court lawsuits against each other.

The agreement between Disney and the Central Florida Tourism and Oversight District would last for the next 15 years. The district provides municipal services such as firefighting, planning and mosquito control, among other things. It was controlled by Disney supporters for most of its five decades until it was taken over by the DeSantis appointees last year.

Under the deal’s terms, during the next decade or two, Disney would be approved to build a fifth major theme park at Disney World and two more minor parks, such as water parks. The company could raise the number of hotel rooms on its property from almost 40,000 rooms to more than 53,000 rooms and increase the amount of retail and restaurant space by more than 20%. Disney would retain control of building heights due to its need to maintain an immersive environment.

In exchange, Disney would be required to donate up to 100 acres (40 hectares) of Disney World’s 24,000 acres (9,700 hectares) for the construction of infrastructure projects controlled by the district. The company also would need to award at least half of its construction projects to companies based in Florida and spend at least $10 million on affordable housing for central Florida.

The agreement between Disney and the Central Florida Tourism and Oversight District would last for the next 15 years. The district provides municipal services such as firefighting, planning and mosquito control, among other things. It was controlled by Disney supporters for most of its five decades until it was taken over by the DeSantis appointees last year.

Under the deal’s terms, during the next decade or two, Disney would be approved to build a fifth major theme park at Disney World and two more minor parks, such as water parks. The company could raise the number of hotel rooms on its property from almost 40,000 rooms to more than 53,000 rooms and increase the amount of retail and restaurant space by more than 20%. Disney would retain control of building heights due to its need to maintain an immersive environment.

In exchange, Disney would be required to donate up to 100 acres (40 hectares) of Disney World’s 24,000 acres (9,700 hectares) for the construction of infrastructure projects controlled by the district. The company also would need to award at least half of its construction projects to companies based in Florida and spend at least $10 million on affordable housing for central Florida.

Source:: https://finance.yahoo.com/news/disney-set-invest-17b-florida-114117857.html

 

[OKW Lover]

Just to be clear - Disney isn't committed to opening a 5th park. They have the option to do so.

 

[shh]

Problem is that WDW moves at such a glacially slow pace, that I can't even get excited over the idea of a 5th park, given how long it'll probably take to bring to fruition.

Universal's Epic Universe is already opening next year and it seems not that long ago that they started construction.

 

[clarker99]

Problem is that WDW moves at such a glacially slow pace, that I can't even get excited over the idea of a 5th park, given how long it'll probably take to bring to fruition.

Universal's Epic Universe is already opening next year and it seems not that long ago that they started construction.

I could be wrong but I am pretty sure Epic broke ground in 2019.

 

[Sparrow'sLady]

Problem is that WDW moves at such a glacially slow pace, that I can't even get excited over the idea of a 5th park, given how long it'll probably take to bring to fruition.

Universal's Epic Universe is already opening next year and it seems not that long ago that they started construction.

Right. I will no longer be on this earth by the time it comes to fruition....and I am in my 40s.

 

[jade1]

I could be wrong but I am pretty sure Epic broke ground in 2019.

 

[Minnie1222]

Disney opened four theme parks in 27 years, while Universal would've produced three in 25 years. They are not slow when compared to Universal.

 

[ChipnDale79]

Disney opened four theme parks in 27 years, while Universal would've produced three in 25 years. They are not slow when compared to Universal.

its hard to compare disney to something they did 27 years ago. the most recent park opening we have for them is the one in China, looks like it took about 5.5 years co complete.

 

[clarker99]

Remove the pandemic delay and Epic is 5yrs?

 

[Jwaire]

its hard to compare disney to something they did 27 years ago. the most recent park opening we have for them is the one in China, looks like it took about 5.5 years co complete.

Yet, they had huge cost overruns and that's with the benefit that comes with Chinese labor (and lack of labor laws).

In short, it's not coming anytime soon. This is to invest in the current parks. If they're going to build a new park, it's in Anaheim.

 

[rdaky]

I just now realized that the affordable housing is a part of this agreement. As a local, this is a hot topic.

 

[OKW Lover]

I just now realized that the affordable housing is a part of this agreement. As a local, this is a hot topic.

It certainly is. The amount of building that is going on just outside WDW property is amazing. But not as amazing as the high cost of those apartments/condos.

 

[HokieRaven5]

I could be wrong but I am pretty sure Epic broke ground in 2019.

They never had a groundbreaking ceremony then, but they had contractors on the site doing grading work and utilities from 2019 until the pause in 2020

 

[Marek Zyskowski]

I think the company needs to figure out some internal problems before committing to adding more theme park. Even though the parks are profitable there is probably more to figure out then simply creating a new gate and setting the imagineers loose. If you consider how very different the current four parks are, what can a fifth park have that will be like nothing else ever seen and would compliment the current parks? I know we would all like to see a villans park. But something totally new would be cool also.

 

[rdaky]

It certainly is. The amount of building that is going on just outside WDW property is amazing. But not as amazing as the high cost of those apartments/condos.

Yes. The cost of living near WDW is unbelievable. I just didn't realize it was a part of the agreement. I honestly just thought that Disney was doing it as some sort of tax write off, not necessarily part of a big contract. I never thought Disney was doing it from the kindness of their hearts, though. lol

 

[tjkraz]

I think the company needs to figure out some internal problems before committing to adding more theme park. Even though the parks are profitable there is probably more to figure out then simply creating a new gate and setting the imagineers loose.

Disney's theme parks are enormously profitable. And it's growing at a time where things like the TV networks and feature films face tremendous uncertainty.

I think it comes down to whether Disney is committed to providing a high-quality experience to guests or if they want to return to the "pack 'em in" mantra. Even after Covid was no longer a huge factor, Disney has continued to use Park Pass to limit attendance at the parks. Ostensibly to manage wait times for all. Opening a 5th gate would be the ultimate form of thinning the herd. It wouldn't immediately increase total attendance by 25%, but it would alleviate a lot of pressure from the 4 existing parks while generating some uptick in attendance. (Along with a ton of hype.)

Building another park brings the advantage of development without having to tip-toe around current guests. A huge part of why the Epcot revitalization has taken so long is because it remained a fully-functioning theme park the entire time, hosting 12 million guests per year. A new park means you not only have a blank slate, but also have acres of space to work 24/7 with little concern about guest impact.

Major new "lands" at each of the 4 parks is still a legitimate approach. Adding more attractions increases the park's capacity without necessarily increasing wait times. But it's still (potentially) millions more guests funneled up Main Street. And millions more who want to ride Rise or GOTG.

As a frequent guest, there's something to be said for splitting my attention between just 4 destinations rather than 5. Hollywood Studios became much more of a full day park after Galaxy's edge / Toy Story Land / RR. But I think we're closer than ever to getting that 5th park. At a minimum, Disney needs to try and steal some of that spotlight back from Epic Universe. I don't know how much EU will "hurt" Disney in terms of attendance, but it will be an ego hit for sure. Disney has to respond with some significant investment. (Thanks, Universal!!)

 

[shh]

Disney opened four theme parks in 27 years, while Universal would've produced three in 25 years. They are not slow when compared to Universal.

Right, but I'm talking the Disney of today and the past couple decades. The Disney of the 70s-90s was a very different operation. They had an urgency about keeping the park experience dynamic and seemed to move more quickly.

 

[disneydreamer781]

I'm in my mid-60s so I'm pretty much screwed at a Fifth Gate. Perhaps I got a shot at seeing an announcement. I'm at peace though because I've been going since 1972 so I just do relaxing trips now with more time at the resorts.

 

[zackiedawg]

My dream 5th park is one that would never ever happen - but we're allowed to dream, so there.

I want a park of all the rides that have been closed/removed that I loved growing up. Mr Toad's, Swan Boats, Keelboats, 20,000 Leagues subs, Skyway, original Land of Motion, Horizons, and World of Energy, original Journey into Imagination, Maelstrom, If You Had Wings, Great Movie Ride, Backlot tour. Stick the Adventurer's Club there too for good measure - need a fun bar/restaurant.

I know that 5th park would probably only be visited by me and a handful of others, but I'd ride more rides there than any other park.

 

[disneydreamer781]

My dream 5th park is one that would never ever happen - but we're allowed to dream, so there.

I want a park of all the rides that have been closed/removed that I loved growing up. Mr Toad's, Swan Boats, Keelboats, 20,000 Leagues subs, Skyway, original Land of Motion, Horizons, and World of Energy, original Journey into Imagination, Maelstrom, If You Had Wings, Great Movie Ride, Backlot tour. Stick the Adventurer's Club there too for good measure - need a fun bar/restaurant.

I know that 5th park would probably only be visited by me and a handful of others, but I'd ride more rides there than any other park.

Sounds idyllic. Could we possibly add in the Monster Sound Show, Kitchen Kabaret, and The Mickey Mouse Revue?