A development proposal involving Disney is scheduled for a vote by the Central Florida Tourism Oversight District, reports Business Insider. The proposal would authorise spending $17 billion over ten to twenty years on development at Walt Disney World.
It might lead to the creation of Disney World’s much-discussed fifth theme park.
The Central Florida Tourism Oversight District will hold a public hearing on Disney’s development plan next week before voting on June 15. According to a statement from the tourism board, the agreement as it stands would permit Disney to invest $17 billion over the next ten to twenty years to significantly enhance Walt Disney World.
Potential fifth park for Walt Disney World
“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, benefiting Central Florida’s community,” the district administrator, Stephanie Kopelousos, said in a statement to Business Insider.
Disney would have to hire local contractors and give Florida-based companies at least 50% of the work, according to the tourism board. Additionally, Disney would have to fund “attainable” housing developments.
Rumours of a fifth park at Walt Disney World, joining Magic Kingdom, Epcot, Disney’s Hollywood Studios and Animal Kingdom, have been circulating for years but this could now become a reality.
Last month, Disney confirmed plans for “probably the largest expansion ever” at Magic Kingdom at Walt Disney World in Florida. Dubbed ‘Beyond Big Thunder’, the project was discussed during a media event previewing new Disney experiences and technology at the Walt Disney Imagineering facility in California.
The Magic Kingdom development is one part of Disney’s planned $60 billion investment in its parks and experiences over the next decade. Work is also underway on a new land with Indiana Jones experiences at Animal Kingdom.
Earlier this month, Disney reported increases in revenue and operating income for its theme parks for the second quarter ended 30 March 2024.
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