Disney World announces developer for affordable housing development
Walt Disney World, which is contributing 80 acres of land outside of the resort for a new housing development that is intended to offer affordable options for qualifying applicants within certain income levels, has selected a developer for the project.
The Michaels Organization, the largest privately held owner of affordable housing in the country. will take control of the project located west of State Road 429, just a couple of miles from Flamingo Crossings Town Center.
The development is expected to include more than 1,300 units. Negotiations between Walt Disney World and The Michael’s Organization on a definitive agreement for the project are underway, according to a Disney press release.
Affordable housing has been a major issue in the Orlando area, where Disney World is located. Orlando has seen some of the highest rent increases in the nation. In September 2022, the average rent was $2,102 a month, a 14.07% increase from September 2021, that is the 8th highest increase nationally, according to Florida Atlantic University in Boca Raton, which monitors rents. This difficult for all in the region, including Disney cast members who might have issues finding a place.
The new development – which is planned to be privately financed – will be limited to applicants within a certain income range, including Disney cast members.
“For more than 50 years, Walt Disney World has cared for and invested in our community, and we’re committed to being a part of this solution which will bring more attainable housing to Central Florida,” said Jeff Vahle, president of Walt Disney World Resort. said in a news release. “We will continue to find ways to use our resources to make a difference in the community we call home, and we’re excited to take this step with a nationally recognized developer.”
“We are excited to work with an iconic brand like Disney to deliver attainable housing for the Central Florida community,” Michaels CEO John J. O’Donnell said in a news release. “Our goal is to create a repeatable model that we hope will inspire other companies and municipalities to create high quality, attainable housing in their own communities.”
Additional details, including a construction timeline, will be shared in the future, according to Disney.
