Disney Plans To Invest $17B In FL, Including New Major Theme Park

LAKE BUENA VISTA, FL — Disney plans to invest $17 billion in Florida, as it eyes an expansion in the Sunshine State that could include a fifth theme park at Walt Disney World.

Months after Disney and a committee appointed by Gov. Ron DeSantis settled their years-long legal fight, the two sides are set to approve an agreement that could see the company’s significant investment in its Florida resort.

The ongoing feud between the company and DeSantis’ administration stemmed from Disney’s opposition to the Parental Rights in Education law, called the “Don’t Say Gay” law by critics.”

In a Wednesday vote, the five members of the DeSantis-appointed Central Florida Tourism Oversight District, which oversees the district where Disney World is located, gave initial approval to a new development agreement between Disney and the state.

Both sides agreed to negotiate this agreement in a March settlement that ended their state lawsuits against each other.

A second and final vote by the tourism board on the agreement is set for June 12, ABC News said.

“We are heading towards a brand new day, and I’m excited about where this is going,” Charbel Barakat, vice chair of the district’s board, said. “I only wish we could have gotten here sooner.”

The agreement allows Disney to designate 17,000 acres of its property for the expansion, according to the Washington Post.

In addition to a fifth major park joining the ranks of the Magic Kingdom, Epcot, Animal Kingdom and Hollywood Studios, the agreement also allows for the construction of two new minor parks similar to Typhoon Lagoon, Blizzard Beach, Fort Wilderness, Disney’s Wide World of Sports Complex and Disney Springs, reports said.

The plan also calls for Disney to commit to spending $10 million on attainable housing in Orange County, and the addition of 13,666 hotel rooms and 269,665 square feet of retail and restaurant space on its properties.

"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,” Stephanie Kopelousos, administrator of the Central Florida Tourism Oversight District, told WESH 2 News.

This article includes reporting by The Associated Press.