ORLANDO, Fla. — For more than a year, Disney CEO Bob Iger has been promising expansion that would create 13,000 local jobs over the next two decades.
He also previously stated that Disney's expansion might be jeopardized by the contentious relationship between Disney and republican Florida Gov. Ron DeSantis, over Disney’s opposition to the Parental Rights In Education law, dubbed by critics the “Don’t Say Gay” law.
But a new development agreement that will be voted on next week by the Central Florida Tourism Oversight District – the government agency that oversees Walt Disney World property – spells out 20 years of growth on the 24,000-acre property.
5th park to join Disney World
It includes the addition of a fifth major park to join the Magic Kingdom, Epcot, Animal Kingdom and the Hollywood Studios, and two new minor parks joining similar attractions, like the water parks Typhoon Lagoon and Blizzard Beach, Fort Wilderness, Disney’s Wide World Of Sports complex and Disney Springs.
The agreement spells out $17 billion in growth over the next 10 to 20 years, with at least an $8 billion capital investment in the first 10 years.
'Attainable' housing
Disney will also commit $10 million to "attainable" housing.
That means in Orange county – where the median annual income for a four-person household is $90,400 – attainable housing would be earmarked for low income households earning up to $77,200. That's 80% of the median income, according to the Orange County Housing & Community Development Division.
Disney is already planning to build 1,400 units on Hartzog Road in Horizon West near the 429 toll road. About 1,000 of those units will be considered "affordable” for those four-person households earning up to $48,250 a year, which is 50% of the median income for Orange county.
More hotels, restaurants
Disney already has 39,801 hotel rooms and will build more in the next two decades.
The expansion will add 13,666 rooms and 269,665 square feet of new retail and restaurant space – about the size of two Walmart stores.
That would have 1,732,887 square feet of retail and restaurant space on Disney property at full build out.
Economic growth
"With Walt Disney World's substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefitting Central Florida's community,” Stephanie Kopelousos, administrator of the Central Florida Tourism Oversight District, told WESH 2 News.
A fifth major theme park would add new firepower in the local theme park wars, with Universal opening its third gate, Epic Universe, next year.
So far, Disney has not announced a name, theme or location for a fifth park.
Messages to Walt Disney World public affairs, requesting comment on the development agreement, were not returned.