We’re intrigued to see what Disney does with this land; essentially they could have just bought the land to make Walt Disney World Resort (Walt Disney World) wider.
According to Orlando Business Journal’s Jack Witthaus and Richard Bilbao, The Walt Disney Company’s Compass Rose Corporation purchased approximately 235 arces of land surrounding Reedy Lake1.
The sale, which completed yesterday, was for $6 million dollars, valued at around $25,531 per acre. Disney bought the land from Lake Reedy LLC, based in Winter Gardens, according to Orange County Records2.
The land sits across from Disney’s Palm, Magnolia and Oak Trail golf courses, according to Mathew Soberman of WDWNT. The reason why Disney purchased the lands remains a mystery.
However, a theory suggested by John Gerner, managing director of Leisure Business Advisors LLC in Richmond, Virginia, is that Disney may just use the land as an undeveloped barrier to keep outside companies from moving in near Walt Disney World.
However, the location of the land may offer different uses. The land is located near the future site of Flamingo Crossings, which will be home to apartments, hotels, shopping and dining locations. This land could be home to a potential expansion or similar site, according to Gerner.
“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.”
Whilst there’s no official confirmation, experts say Disney owns roughly 30,000 acres in Central Florida. Disney’s 215 Celebration Place LLC purchased 965-acre B-K Ranch LC in Osceola County for $23 million in December 2018.
In January 2019, Disney 215 Celebration Place LLC purchased 1,575 adjacent acres for $11 million dollars from the estate of Frank E. Brown. Even though we still don’t know what the land will be used for (or even it if will be used at all)…235 acres is a lot of land!
We mean the Magic Kingdom sits on 142 acres. Stay tuned to Orlando Theme Park Zone for more updates on this story.
Source: Orlando Business Journal
1: Northwest edge of Walt Disney World property.
‘2: Lake Reedy previously purchased the land in 2005 for $1.5 million dollars.