In a landmark agreement, Disney and the Central Florida Tourism Oversight District (CFTOD) have greenlit a comprehensive $17 billion development plan. This ambitious project, set to unfold over the next 10 to 20 years, promises to significantly impact the Central Florida region both economically and socially.
Details of the Development Agreement
The agreed plan permits Disney to utilize more than 17,000 acres of land for varied developments, including hotels, restaurants, retail shops, and potentially new theme parks. This extensive use of land highlights Disney’s commitment to expanding its footprint in the region, although specific details of the development were not disclosed.
Local Economic Impact
A notable aspect of the agreement is the requirement for Disney to allocate 50% of construction goods and services to Florida-based businesses. This provision aims to bolster local economies by ensuring that a significant portion of the development budget remains within the state. Additionally, Disney has committed to investing at least $10 million in “attainable” housing for its workforce, addressing the housing needs of its employees.
Broader Community Benefits
Beyond the direct economic benefits, Disney’s development plans are expected to create numerous job opportunities across various sectors, not limited to tourism and hospitality. This initiative is seen as a catalyst for broader economic growth in Central Florida, fostering a more prosperous future for the region.
Strategic Vision and Commitment
The agreement has garnered positive feedback from local business leaders and officials. Robert Agrusa, president and CEO of the Central Florida Hotel and Lodging Association, emphasized the potential positive impacts on the hospitality industry and the region’s economy. CFTOD board member Brian Aungst Jr. echoed these sentiments, underscoring the intertwined success of Walt Disney World and Central Florida.
Conclusion
The approval of this extensive development plan marks a significant milestone for both Disney and Central Florida. By investing heavily in the region and partnering with local businesses, Disney aims to ensure sustained economic growth and community development. This strategic move not only expands Disney’s operations but also strengthens its ties with the local community, promising a mutually beneficial future.
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Written by
Rachel Van Norman
Contributing Writer
Rachel fell deeply in love with all things Disney as a little girl. Now as a wife and a mother herself, she shares this Disney obsession with her son and everyone around her. From her love of princesses to eating all the Disney food, Rachel spends her time radiating Disney magic and keeping everyone up to date on Disney news.
