Disney World Dedicates 80 Acres of Land to Affordable Housing in Orlando
Disney Corporation is no newcomer to real estate investing, at any time because founder Walt Disney ordered 8,380 acres of what seemed like worthless swamp land for approximately $120 an acre, or just above $1 million.
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But the company’s hottest expenditure could transform the activity for numerous Walt Disney Entire world Vacation resort personnel (deemed “cast members”) and lower-income Orlando residents. The firm has set apart 80 acres of land positioned about 15 minutes driving length from the Magic Kingdom and EPCOT parks — and 10 minutes from Animal Kingdom and Hollywood Studios — for reasonably priced housing, CNET reviews.
In 2016, Disney Planet created an elite group named Golden Oak, with properties ranging from $4 million to $16 million. 1 4,4440-square-foot Mediterranean design and style residence in the vicinity of the luxurious 4 Seasons Resort is for re-sale and outlined on Sotheby’s Authentic Estate web site for $4.6 million. It will operate an more $200,000 if you’d like it totally furnished.
But the new, very low-price tag group, which is nevertheless awaiting acceptance from the county federal government, will put extra than 1,300 affordable housing units close to schools, Disney-owned retail and dining, and Walt Disney World Resorts, according to NPR.
Furthermore, nearby competitor Universal Parks & Resorts has also allotted 20 acres of land to be used for 1,000 units of inexpensive and combined money housing, NPR stories. The business will make out an overall group to include things like tuition-free of charge preschool, community gardens and pools, as well as health care places of work and a transportation middle.
Lease in Orlando rose 21% concerning 2020 to 2021, NPR experiences. The new housing initiatives may well assist relieve the crunch for Orlando’s lessen-income staff. In 2020, Orlando was rated the 2nd-the very least-reasonably priced city for least wage workers in 2020, primarily based on details from Go.org.
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“The lack of inexpensive housing is influencing quite a few people today throughout our place,” Jeff Vahle, president of Walt Disney Entire world Resort, informed CNET. “With this initiative, we’re lending a hand to make a actual and significant effect in our community by tapping into the best of our company’s strengths.”
This post initially appeared on GOBankingRates.com: Disney Planet Dedicates 80 Acres of Land to Economical Housing in Orlando