The Law Offices of John Caravella P.C. does not own this content. This content was created by Zachary Phillips, and was published to Construction Dive on June 7th, 2024. To view the full article, please click here.
The entertainment company may construct a fifth theme park in Orlando, following an initial agreement with the local oversight board.
Dive Brief:
- Disney’s plan to build more magic in Florida — $17 billion worth — has taken a step forward. The Central Florida Tourism Oversight District provided initial approval Wednesday for a new development agreement with The Walt Disney Cos. to expand its footprint in the state.
- The development agreement covers about 17,000 acres of land owned by Walt Disney Parks and Resorts in Orlando, Florida, and is over a 15-year timespan, according to information presented at the CFTOD meeting.
- The deal includes a “buy local” initiative that requires that a minimum of 50% of construction goods and services related to design, development and construction is with Florida businesses.
Dive Insight:
The deal’s terms could mean Disney is on track to secure approval to build a fifth park at Disney World, according to AP News. The company could also build 13,000 more hotel rooms in Orlando, bringing the total number on its property there to 53,000, and increasing retail and restaurant space by over 20%.
Disney could also be approved for two water parks, according to AP News. CFTOD has scheduled a second vote for final approval June 12.
As part of the deal, Disney will donate 100 acres of its 24,000-acre property for the construction of infrastructure projects that the CFTOD would control. Disney also promised to spend $10 million on affordable housing in the region, AP News reported.
As the company wraps up projects, such as renovating Splash Mountain and a new attraction called “Tiana’s Bayou Adventure,” expected to open this year in both Disneyland and Disney World, per theme park news site Mickey Visit, it has eyed broad expansion for months now.
In September 2023, the company announced plans to spend $60 billion on entertainment investments over the next decade. That will likely mean advancements in its global locations, Shanghai and Hong Kong for example, and expanding cruise services to visit new locations such as Australia and New Zealand.
John Caravella, Esq
John Caravella Esq., is a construction attorney and formerly practicing project architect at The Law Office of John Caravella, P.C., representing architects, engineers, contractors, subcontractors, and owners in all phases of contract preparation, litigation, and arbitration across New York and Florida. He also serves as an arbitrator to the American Arbitration Association Construction Industry Panel. Mr. Caravella can be reached online or by email: [email protected] or (631) 608-1346.
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Zachary Phillips joined Construction Dive in September 2019. Prior to that, he worked as an editorial intern for the Baltimore Business Journal and the Hill.com. He is a graduate of the Philip Merrill College of Journalism at the University of Maryland, where he covered several beats across numerous school publications, including the Diamondback, Testudo Times and Capital News Service. In his free time, he enjoys table top board games and cheering on the Baltimore Ravens.
The Law Offices of John Caravella P.C. does not own this content. This content was created by Zachary Phillips, and was published to Construction Dive on June 7th, 2024. To view the full article, please click here.