Local businesses are throwing their support behind Disney’s $17 billion development deal, saying it could invigorate the local economy and boost sales.
The Central Florida Tourism Oversight District’s board of supervisors discussed the pending development deal in a 25-minute meeting on Wednesday at its Lake Buena Vista headquarters.
The development agreement could usher in a new era of expansion for Disney, which reigns king in Central Florida with its four major theme parks and deep ties in the community. The deal also symbolizes a detente between Disney and Gov. Ron DeSantis, who essentially commandeered control of the tourism district after a legal battle with the company.
During a public hearing, members of the Disney Springs food industry strongly urged board members to approve the agreement. Disney Springs is a shopping and entertainment complex with dozens of dining options.
George Miliotes, the owner and operator of Wine Bar George, said he and his wife’s families have operated small businesses in the Central Florida region for decades.
“The one thing we’re sure of is that investment and reinvestment guarantee growth and excellence,” he told board members. “So, when we see the billion-dollar number in front of the investment that’s on the table, we get very excited.”
He added: “We know that we’re securing the future if we make this investment.”
A representative for three Disney Springs restaurants — Splitsville Luxury Lanes, Chef Art Smith’s Homecomin’, and Everglazed Donuts & Cold Brew — took the podium next.
“I’m here because we support the agreement,” she said. “It shows that the district and Disney are ready and willing to resume working together to do good things for the state of Florida.”
She said the plan could bring more jobs to Central Florida, improve economic development, and attract more tourists.
“There’s also a commitment to bringing infrastructure improvements in the district with contributions from both parties. This will benefit all of us that live and work in this district,” she said.
A final vote on the development agreement is scheduled for June 12.
The development deal, viewed by Business Insider, would allow Disney to spend billions of dollars on Walt Disney World properties over the next 10 to 20 years.
Disney officials haven’t shared how the large investment would be used, but an industry insider told the Orlando Sentinel that a fifth theme park might be on the docket.
The tourism board said the agreement would require Disney to create a local business hiring program for construction goods and services. The media conglomerate would also have to award a minimum of 50% of all construction work to local businesses.
A statement from the tourism board said Disney also agreed to fund at least $10 million in “attainable housing.”
“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, benefiting Central Florida’s community,” the district administrator, Stephanie Kopelousos, said in a statement to BI.
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