Walt Disney World in Lake Buena Vista, Fla., near Orlando, is taking aim at the nation’s affordable housing crisis.
A year after it was first announced, Disney has selected a developer to construct a sprawling affordable housing development on 80 acres of its land in southwest Orange County that could be used as a repeatable blueprint for similar projects to be built in other municipalities across the country.
The company plans to build more than 1,300 new homes. The property is just a few miles from Magic Kingdom.
The privately financed project will be located west of State Road 429, just a couple of miles from the expanding Flamingo Crossings Town Center retail and dining complex, and near schools and shopping.
After a thorough search, Disney chose The Michaels Organization, a prominent global developer with more than 425 communities in more than 35 states, to build, own and operate the development.
Negotiations between Disney and Michaels on a definitive agreement for the initiative are underway.
Housing units in the development will be open to applicants within a certain income range as well as Disney cast members.
Disney says the project will offer a viable solution to one of the nation’s greatest challenges and also support Orange County’s Housing for All action plan to address housing affordability for local residents.
“For more than 50 years, Walt Disney World has cared for and invested in our community, and we’re committed to being a part of this solution which will bring more attainable housing to Central Florida,” says Walt Disney World Resort president Jeff Vahle. “We will continue to find ways to use our resources to make a difference in the community we call home, and we’re excited to take this step with a nationally recognized developer.”
The initiative will create new construction and design jobs for the community as well as additional employment opportunities afterwards for ongoing operations.
According to Disney, additional details, including a construction timeline, will be shared in the future.
“The lack of affordable housing is affecting many people across our country, including right here in Central Florida,” says Vahle.
“With this initiative, we’re lending a hand to make a real and meaningful impact in our community by tapping into the best of our company’s strengths.”
Michaels CEO John O’Donnell says the company is excited to work with an iconic brand like Disney.
“Our goal is to create a repeatable model that we hope will inspire other companies and municipalities to create high quality, attainable housing in their own communities.”
According to Disney, the latest housing project has been in the works for some time. The company is working to help offset the nation’s housing crisis, as the cost of both new homes and rentals has risen dramatically.
Rents in Central Florida have outpaced housing market increases. Recent data from Rent.com shows the price for an average apartment in Orlando increased 38 per cent year-over-year, which is far above the 20 per cent national rate and typical increase of five per cent a year.
Disney has a long track record of assisting local communities with underserved housing needs and it has spent years investing in local non-profits on the front lines of important causes in the community.
Several years ago, Disneyland Resort in California led an effort to revitalize a housing trust that provides “last mile” funding for affordable housing projects in Anaheim, Calif.
The initiative resulted in the Buena Esperanza project — a motel that was converted into studio apartments for veterans and homeless individuals with mental illness. In addition to providing them a place to live, the community offers job placement and mental health and wellness support to residents.
A second project, Finamore Place in Anaheim, was also built thanks to an investment by Disney. It has more than 100 additional housing units
Disney has engaged with local leaders to help communities find solutions to the housing issue, from making monetary donations, to contributing supplies to local organizations in need, to providing assistance through the Disney VoluntEARS program.
In 2022, Walt Disney World and Disneyland Resort donated $300,000 to local food banks to support people in the community facing food insecurity. That donation was just part of $5.5 million Disney World has contributed to community causes and organizations addressing the need for affordable housing during its ongoing 50th anniversary celebration.
How many of the 1,300 new homes will be “affordable houseing,” I must be overlooking it in the article.