Why Did Disney Buy 60 Acres In Orlando For $46M?

Walt Disney Co DIS has paid $46 million for approximately 60 acres of land in southeast Orlando for its new Central Florida campus.

What Happened: The Orlando Business Journal reported Dynamic Campus LLC, a Disney-connected company, acquired the property from Lake Nona Land Co. LLC, which is connected to Tavistock Development Co. The acquisition price comes to roughly $766,666 per acre.

Neither Disney nor Tavistock issued statements affirming the transaction, which was identified through real estate records filed in Florida’s Orange County.

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Why It Happened: In July, Disney announced it was moving more than 2,000 California-based jobs to a new facility located near Orlando International Airport, approximately 20 miles east of the Walt Disney World resort. Josh D’Amaro, chairman of Disney’s Parks, Experiences and Products Division, stated the move was based on “Florida’s business-friendly climate” and would offer the company “the opportunity to consolidate our teams and be more collaborative and impactful both from a creative and operational standpoint.”

Earlier this month, the Orlando Business Journal reported Disney and Tavistock were planning to develop a 55+ residential community. It is uncertain whether the new 60-acre acquisition will house both the new Disney facility and the residential community.