An upcoming developmental agreement between Walt Disney World and the Central Florida Tourism Oversight District permits the construction of a fifth major theme park, billions in investments, and more.
Specifically, it notes how Disney currently has four “major theme parks” constructed, but the new plan allows for five.
The fifth park would come in addition to the Magic Kingdom, Epcot, Hollywood Studios and Animal Kingdom. None has been officially announced.
It also involves investments up to $17 billion in Walt Disney World over the next 10-to-20 years, consistent with past statements by CEO Bob Iger that Disney planned to dump large sums of money into its Florida properties even amidst the company’s ongoing battle with Gov. Ron DeSantis and Florida.
“Upon board approval, the development agreement underscores [the district’s] commitment to responsible oversight, public infrastructure, and long-term planning, ensuring taxpayer funds are used efficiently,” said Stephanie Kopelousos, the district administrator.
In addition to attraction investment, the agreement includes Disney funding a minimum of $10 million in affordable housing projects, and the board agreed to continue bolstering infrastructure in the area.
“With Walt Disney World’s substantial investments, we anticipate economic growth, job creation, and support for local businesses, alongside environmental stewardship and workforce housing initiatives, benefitting Central Florida’s community,” she said.
Overall, the latest agreement involving the fifth park is for a 15-year period.
Disney also agreed to create a program that ensures expansions lean on Florida-based businesses.
The next board meeting is June 5, where the agreement will be officially presented.
Disney’s legal battle with Florida ended this year after a settlement was reached earlier this year. The company’s federal case against DeSantis also did not prevail.
Rumors of a fifth park at Disney World came especially as nearby Universal Orlando Resort is slated to open its own third theme park, Epic Universe, in 2025.
DeSantis had been calling for Disney to respond to Universal’s actions with a fifth park of its own.
“It’s just gonna be a huge game changer,” he said. “It’s bigger than [Universal’s] other two parks combined. I’ve got to think that Disney would want to answer that [to] keep up with the competition.”
“I’ve got to think Disney would have an interest in maybe offering another one,” DeSantis said. “The district will be ready to negotiate something.”
Indeed, not long after the remarks were made emerged the new agreement that includes a fifth park.
Regarding infrastructure, the board is eyeing major infrastructure improvements at Walt Disney World as well, to the tune of $100 million.
“With the continuous growth in surrounding population and anticipated development within the district, there is a pressing need to expand and enhance our roadway network to meet the escalating traffic demands requiring the funding and execution of large capital projects,” the district administration’s request said.