Disney Is Expanding Into Residential Housing
The Walt Disney Company is expanding its real state portfolio, announcing plans to develop residential “Storyliving” communities across the U.S.
“These master-planned communities are intended to inspire residents to foster new friendships, pursue their interests and write the next exciting chapter in their lives — all while enjoying the attention to detail, unique amenities and special touches that are Disney hallmarks,” the company said in a statement on Feb. 16.
The first Storyliving community will be built in Rancho Mirage, in California’s Coachella Valley, where Walt Disney once owned a home and spent time with family. Additional locations across the U.S. are being considered for future development, the company said.
Disney’s research-and-development team, called Imagineers, will help design the communities, The Wall Street Journal reported.
The new community, which will be called Cotino, is being developed in collaboration with DMB Development based in Scottsdale, Arizona. Disney didn’t give details about the estimated cost of the project, the properties within Cotino or when it would open the development for reservations, The Journal added.
However, the company disclosed Cotino will include one section for residents 55 and older. All homebuyers will have a variety of home types to choose from, including estates, single-family homes and condominiums.
Disney said that the community is expected to surround a 24-acre grand oasis, built sustainably with low water consumption and using a minimum amount of additives and energy.
A voluntary club membership will offer access to a waterfront clubhouse, a club-only beach area and recreational water activities, as well as Disney programming, entertainment and activities throughout the year.
Cotino also has plan approval for a mixed-use district featuring a range of shopping, dining and entertainment, a beachfront hotel and a professionally managed beach park with recreational water activities. This district can be accessed by the public through the purchase of a day pass.
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