Disney pays $46 million for 60 acres that will become Lake Nona campus
A company tied to Walt Disney World is paying more than $46 million for the future site of its office campus in Lake Nona, according to a report in GrowthSpotter.
The entertainment and media conglomerate secured a 60-acre development site directly south of the Central Florida GreeneWay and West of Lake Nona Boulevard, next to Lake Nona’s Medical City, records show.
Established permitted uses would allow Disney to build up to 1.8 million square feet of office space across multiple buildings, with a minimum height of four stories. The site at 13849 Boggy Creek Road is part of the Lake Nona Town Center plans.
Lake Nona developer Tavistock Development Company has been working with Disney to help the company secure a spot within its neighborhood where it may relocate some 2,000 Disney Parks, Experiences and Products professional employees from California to Orlando.
Disney’s capital investment for the project could be as much as $864 million, according to company projections made in documents released to the Orlando Sentinel from the state’s Department of Economic Opportunity, resulting in state tax breaks worth $570 million.
The move to the new Lake Nona hub is expected to take place through the end of next year. According to an Orlando Sentinel article, Orlando Economic Partnership’s President and CEO Tim Giuliani said the average wage for the positions would be $120,000 annually.
Price-wise this is the largest amount Tavistock’s Lake Nona Land Company LLC has received for its property in the fast-growing master-planned community.
A recent analysis of home sales conducted by GrowthSpotter shows Lake Nona’s Laureate Park was the single fastest-selling residential community in Orange County over the past couple of years.
Non-residential developments planned to rise in the Lake Nona Town Center include the 17-story Lake Nona Wave Hotel. The soon-to-open 234-room project will feature 18 suites, including two presidential suites, and multiple restaurants and lounge spaces.