Cinderella’s Castle at Disney’s Magic Kingdom theme park. Photo: aliwigle/Pixabay.com
Disney World has apparently just purchased even more land near Magic Kingdom. No word yet as to what the intended use of the land is but there are speculation that it is part of Disney’s ever-present need to expand as much as possible. The land allegedly purchased sits right next to Reedy Lake. This is an additional 26.3 acres of land after the 235 acres bought back in December 2019.
The land was purchased on March 31 by Celebration Company, a subsidiary of Disney Company, according to Orange County records. The land was purchased for $1.05 million, or roughly $39,923 per acre, west of its theme park and on the southeastern shore of Reedy Lake. Winter Garden-based Lake Reedy Development Group LLC was the seller, who had previously sold the 235 acres of land to Disney.
Just last December, Disney purchased an adjacent 235 acres for $6 million. Land purchases such as these are typically related to future developments. Despite current financial setbacks for the company, land is still a finite commodity that can hold its value over the years. Whether this area will be used for future expansion, resort, or simply additional landscaping to further the secluded ambiance of Walt Disney World Resort is unknown. While not yet confirmed, the fact that the land is so close to Lake Reedy makes people believe the reason for the land purchase is to eventually build a luxurious hotel as an exclusive getaway for guests and visitors of the park in the future.
Both pieces of property sit just west of Magic Kingdom and northwest of Disney’s Magnolia Golf Course. As of right now, the company is dealing with the coronavirus pandemic, which has caused Disney to close its theme parks until further notice. Earlier this week, Disney executives said they would take pay cuts to help the company’s businesses recover.
Prior to the closures, Disney’s theme parks had several projects in the works. It is currently unknown what is the status of those pending projects.
Over the last few years, Disney has made land purchases that are worthy of taking note of. Between Fall 2018 and December 2019, Disney purchased nearly 3,000 acres of land. Disney purchased almost 1,000 acres of land near Celebration in 2018. Afterward, in early 2019, Disney bought an additional 1,500+ acres of land in Osceola County. The most recent purchase of just over 26 acres adds up in the grand scheme of things it seems.
The reasons for all this land purchase may vary and one can only speculate what it will be used for. There are plenty of Disney fans hoping that Walt Disney World will be getting a fifth theme park. The chances of that happening anytime soon are low, though. More than likely, the land will be going toward The Walt Disney Company’s conservation efforts. Purchasing additional land allows Disney to develop the land the company already owns while still continuing to remain committed to land conservation.
Other reasons are offered up as to why Disney is buying so much land and property in Orlando. Back in December, Orlando Business Journal was told that one of Disney’s motivations for continuing to purchase more land around Walt Disney World is to strengthen its boundaries.
“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,” said managing director of Richmond, Virginia-based Leisure Business Advisors LLC John Gerner in December.
Disney has made no official statements as of yet regarding the purchase of the land.
Mike has more than 30 years of experience in marketing and public relations. He once owned his own agency and has worked with some of the largest brands in the world.