The Real Deal Miami

Disney plans 980-acre residential complex

June 23, 2010 01:30PM

Walt Disney is launching its first residential real estate endeavor in over a decade, according to the Wall Street Journal. The planned, 980-acre development near the company’s eponymous theme park will include 450 vacation homes ranging in price from $1.5 million to $8 million in addition to a golf course, clubhouse and a 445-room Four Seasons Hotel. The first homes are expected to be finished in 2011. The development comes at a tenuous time for Orlando real estate, where home values are down as much as 60 percent from peak levels in some neighborhoods, and is a sharp departure from Disney’s last residential project, Celebration, a mid-1990s complex intended to mimic the size and feel of an old-fashioned, small town. As of this April, prices at Celebration were down 60 percent from peak levels. [WSJ]