Disney CEO Bob Iger has confirmed ambitious expansion plans for Walt Disney World, expected to create 13,000 local jobs over the next two decades. Despite earlier concerns about the impact of the company’s strained relationship with Florida Gov. Ron DeSantis, the expansion is moving forward.
New Park and Attractions
A key component of the expansion is the addition of a fifth major park. This new park will join the Magic Kingdom, Epcot, Animal Kingdom, and Hollywood Studios. Alongside this, two new minor parks will be developed, enhancing Disney’s entertainment offerings. These minor parks will complement existing attractions like Typhoon Lagoon, Blizzard Beach, Fort Wilderness, Disney’s Wide World of Sports Complex, and Disney Springs.
Investment and Economic Growth
The development agreement, set to be reviewed by the Central Florida Tourism Oversight District next week, outlines a $17 billion investment over the next 10 to 20 years. In the first decade alone, Disney plans to invest at least $8 billion. This substantial investment is expected to drive economic growth and support local businesses.
Stephanie Kopelousos, administrator of the Central Florida Tourism Oversight District, highlighted the positive impact of Disney’s investments, stating, “We anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefiting Central Florida’s community.”
Attainable Housing Initiatives
As part of the expansion, Disney is also committing $10 million to “attainable” housing. In Orange County, where the median annual income for a four-person household is $90,400, this housing will be targeted at low-income households earning up to $77,200 annually. This represents 80% of the median income, according to the Orange County Housing & Community Development Division.
Disney has already planned the construction of 1,400 housing units on Hartzog Road in Horizon West, near the State Road 429 toll road. Of these units, about 1,000 will be considered affordable for households earning up to $48,250 per year, which is 50% of the median income for Orange County.
Additional Developments
Beyond housing, Disney’s expansion includes significant additions to its hospitality and retail offerings. Currently, Disney boasts nearly 40,000 hotel rooms. Over the next two decades, an additional 13,666 rooms will be added, along with nearly 270,000 square feet of new retail and restaurant space, roughly equivalent to the size of two Walmart stores. At full build-out, Disney will have a total of 1,732,887 square feet dedicated to retail and restaurant space on its property.
Competitive Landscape
The introduction of a fifth major theme park will enhance Disney’s position in the competitive theme park industry, particularly with Universal set to open its third gate, Epic Universe, next year. As the theme park wars intensify, Disney’s expanded offerings aim to attract even more visitors to the region.
While Disney has yet to announce specific details such as the name, theme, or exact location of the new park, the expansion signifies a bold commitment to growth and innovation. With substantial investments and a focus on economic development and community support, Disney World is poised for an exciting new chapter.