Disney Purchases Approximately 235 Acres of Land Near Walt Disney World in $6 Million Deal
The boundaries of the Walt Disney World Resort may have gotten just a little wider.
Orlando Business Journal’s Jack Witthaus and Richard Bilbao report that The Walt Disney Company’s Compass Rose Corp. purchased approximately 235 acres of land just south of Reedy Lake, on the northwest edge of the resort property. The sale, completed on Monday, was for $6 million, valued at around $25,321 per acre. Disney purchased the land from Lake Reedy, LLC, based in nearby Winter Park, according to Orange County records. (Lake Reedy previously purchased the land in 2005 for $1.3 million.) The land sits across from Disney’s Palm, Magnolia, and Oak Trail golf courses.
The reason for this purchase still remains a mystery. One theory posed by John Gerner, managing director of Leisure Business Advisors LLC in Richmond, Virginia, is that Disney may decide to use the land as an undeveloped barrier to keep outside companies from moving in near the resort.
However, its location may offer other uses. The land sits near the future site of Flamingo Crossings, which will be home to apartments and value-oriented hotels, shopping and dining. and could be home to potential expansion or a similar independent site, according to Gerner. But the fact that it surrounds Reedy Lake may offer another concept altogether. As Gerner explained: “It could be used for a more upscale, exclusive getaway that feels isolated on the edge of Disney property. They can have their own lake with the amenities of a getaway spot.”
While there’s no official confirmation, it’s estimated that Disney owns roughly 30,000 acres in Central Florida. Disney’s 215 Celebration Place LLC purchased the 965-acre BK Ranch LC in Osceola County for $23 million in December 2018, and 1,575 acres adjacent to the ranch from the estate of Frank E. Brown for $11 million in January 2019.
While we still don’t know what it will be used for (or even if it will be used at all), 235 new acres of land mean a world of possibility at Walt Disney World.
Keep reading WDWNT for updates on this ongoing story.