Disney and DeSantis Strike $17B Development Deal, Ending Legal Dispute
In a significant turn of events, Disney and Florida Governor Ron DeSantis have reached a settlement, closing the chapter on a protracted legal confrontation over the development rights of the 25,000-acre Walt Disney World Resort. This accord paves the way for a massive $17 billion expansion plan, including a fifth theme park and three smaller parks, and signifies a new operational future for Disney in Florida.
On Thursday, Disney chose to drop its appeal against a ruling that dismissed its First Amendment lawsuit against the Central Florida Tourism Oversight District. The lawsuit stemmed from allegations that the district illegally voided an agreement that had transferred certain development powers back to Disney from its now-dissolved special tax district. This legal battle began after Florida lawmakers, under DeSantis’s leadership, sought to retaliate against Disney for its opposition to a state law limiting classroom discussions on gender identity and sexual orientation.
The approval of Disney’s expansive development plan marks a significant milestone. Brian Aungst Jr., a member of the district’s board, emphasized the deep connection between Disney World and Florida, stating, “Disney World is inextricably intertwined with the fabric of the state of Florida. The success of Walt Disney World is the success of Central Florida.”
Under this new agreement, which extends until 2040, Disney commits to investing up to $17 billion over the next two decades. The ambitious project will introduce nearly 14,000 hotel rooms, 270,000 square feet of retail space and restaurants, and substantial new park areas. Importantly, Disney retains control over building heights, ensuring their plans can proceed without local interference.
Robert Agrusa, president of the Central Florida Hotel and Lodging Association, highlighted Disney’s vital role in the state’s economy: “Disney is not only an economic engine for Florida but, more importantly, to the nearly 450,000 hospitality employees across the central Florida region.”
Robert Earl, CEO of Planet Hollywood, underscored the broader economic impact of Disney’s expansion. “It’s not just when the new attractions or the new parks open. It’s the planning that begins immediately everywhere. It’s the airlines that will start considering increasing their existing flights. It’s the regions around the globe that will decide if they’re going to offer new travel routes. It’s the hotels that will be needed to provide the extra accommodation. It’s the big picture impact: more housing needed, more jobs on offer and a general influx into the whole area”.
SOURCE The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/disney-wins-approval-17b-development-deal-desantis-truce-1235922475/
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In a significant turn of events, Disney and Florida Governor Ron DeSantis have reached a settlement, closing the chapter on a protracted legal confrontation over the development rights of the 25,000-acre Walt Disney World Resort. This accord paves the way for a massive $17 billion expansion plan, including a fifth theme park and three smaller parks, and signifies a new operational future for Disney in Florida.
On Thursday, Disney chose to drop its appeal against a ruling that dismissed its First Amendment lawsuit against the Central Florida Tourism Oversight District. The lawsuit stemmed from allegations that the district illegally voided an agreement that had transferred certain development powers back to Disney from its now-dissolved special tax district. This legal battle began after Florida lawmakers, under DeSantis’s leadership, sought to retaliate against Disney for its opposition to a state law limiting classroom discussions on gender identity and sexual orientation.
The approval of Disney’s expansive development plan marks a significant milestone. Brian Aungst Jr., a member of the district’s board, emphasized the deep connection between Disney World and Florida, stating, “Disney World is inextricably intertwined with the fabric of the state of Florida. The success of Walt Disney World is the success of Central Florida.”
Under this new agreement, which extends until 2040, Disney commits to investing up to $17 billion over the next two decades. The ambitious project will introduce nearly 14,000 hotel rooms, 270,000 square feet of retail space and restaurants, and substantial new park areas. Importantly, Disney retains control over building heights, ensuring their plans can proceed without local interference.
Robert Agrusa, president of the Central Florida Hotel and Lodging Association, highlighted Disney’s vital role in the state’s economy: “Disney is not only an economic engine for Florida but, more importantly, to the nearly 450,000 hospitality employees across the central Florida region.”
Robert Earl, CEO of Planet Hollywood, underscored the broader economic impact of Disney’s expansion. “It’s not just when the new attractions or the new parks open. It’s the planning that begins immediately everywhere. It’s the airlines that will start considering increasing their existing flights. It’s the regions around the globe that will decide if they’re going to offer new travel routes. It’s the hotels that will be needed to provide the extra accommodation. It’s the big picture impact: more housing needed, more jobs on offer and a general influx into the whole area”.
SOURCE The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/disney-wins-approval-17b-development-deal-desantis-truce-1235922475/
Share:
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