The Walt Disney Co. continues to expand as it was reported the company purchased 965 acres of ranch land in Florida Thursday for around $23 million.
According to Growth Spotter, the BK Ranch located southeast of Celebration on Old Tampa Highway in Osceola County is zoned for development. The original plan for the property was to build a community to rival Celebration.
Instead of building 3,000 homes and 378,000 square feet of commercial and office space as proposed by the former owners, Disney is reportedly looking to use the land for water management needs and conservation.
Court-appointed receiver for the property Jerry McGratty told Growth Spotter he does not believe Disney will ever attempt to develop the property.
The purchase by the Walt Disney Co.is being compared to the model followed during the acquisition of Mira Lago in 2014. The failed 3,000-acre residential development was bought to “mitigate wetland impacts as a result of new construction in the Disney theme parks and resort areas.”
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