- The Central Florida Tourism Board approved a $17 billion development deal with Disney.
- The development plans could allow Disney World to build a fifth major theme park and two smaller ones.
- Disney must outsource at least 50% of all construction work to Florida companies.
Central Florida Tourism District Unanimously Approved A $17 billion development deal with Disney could mark a new era for the company’s lucrative theme parks.
Members of the Central Florida Tourism Oversight District’s Board of Supervisors approved the groundbreaking deal during a meeting Wednesday night at their Lake Buena Vista headquarters.
The deal comes amid a thawing of tensions between Disney and Florida Gov. Ron DeSantis, who last February wrested control of a local tourist district from Disney, which had previously controlled its own development with little government oversight.
The legal battle between Disney and the DeSantis administration began in 2022 but ended in March of this year when the parties agreed to a settlement.
“We’ve all been waiting for this day,” Trustee Brian Aunst said before the vote. “Walt Disney World is inextricably intertwined with the social fabric of Central Florida.”
After the vote, board member Charbel Barakat thanked DeSantis for his leadership, inspiration and “tireless work” in reaching the agreement with Disney.
According to development deals reviewed by Business Insider, Disney is set to spend billions of dollars on Walt Disney World properties over the next 10 to 20 years.
It would also allow Disney to build a fifth major theme park and two smaller ones, something Disney fans have long dreamed of. Reddit message boards and Disney-themed discussion forums have long speculated about the possibility of a so-called “Fifth Gate,” or a fifth theme park to complement the existing four.
Disney hasn’t said when or how it plans to move forward with this megaproject, but fans have clamored for villain-centric theme parks in the past — another popular idea was a Star Wars-based attraction, which Disney came to fruition when it unveiled Galaxy’s Edge in 2019.
The development agreement also allows Disney to add more rooms and expand retail and restaurant space at its Central Florida hotels.
In exchange, Disney must outsource at least 50 percent of related construction work to Florida-based companies and provide at least $10 million in funding for “viable housing projects.” The company must also donate at least 100 acres of land to the tourism district.
At a public hearing last week, local businesses spoke out in support of the deal, seeing it as an opportunity to grow the local economy and increase sales.
“The one thing we believe is that investment and reinvestment will ensure growth and excellence,” George Miliotes, owner and operator of Wine Bar George at Disney Springs, told board members. “So when we see a $1 billion figure written in front of us on an investment plan, we get very excited.”
He added: “We know that if we make this investment, our future is secured.”
