Disney Investing $864 Million in Move to Lake Nona Campus
We recently reported that The Walt Disney Company is moving 2,000 jobs from California to Florida. Now, the company has announced an $864 investment in the new Lake Nona Campus.
The $864 million is the current projection, though Disney says the cost could grow. At least $624 million of the funds will go to equipment and furniture for the new campus, which is estimated to be 300,000 to 400,000 square feet.
Disney has applied and been approved for a capital investment tax credit through the state, which was one of the incentives for selecting the Florida location. Its proximity to Walt Disney World was another likely incentive, as most of the jobs will be from the Parks, Experiences, and Products division.
The Orlando Business Journal reports that, “The company said Lake Nona’s advantages include nearby infrastructure such as available homes, schools not at capacity and proper commuter roads, as well as the state’s lack of an income tax. The disadvantages it cited included the potential for disruption by moving the jobs away from its headquarters, loss of talent, and the potential “poaching” of key executives by other firms.”
The inclusion of “available homes” as an advantage is interesting, given the concern that Disney’s move will have a negative effect on Lake Nona’s housing market.
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