February 18, 2022
The Walt Disney Company has announced the launch of a new initiative to develop residential communities called Storyliving by Disney, reports Forbes magazine.
According to Disney, the new communities will feature “distinctively designed spaces, unique amenities, and world-renowned service.” The first community is set to be developed in Rancho Mirage, California, and additional locations around the United States are under exploration.
The master-planned communities are intended to, as Disney says, “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 first location of Rancho Mirage is a nod to Walt Disney, himself; who once owned a home in the area, where he would spend leisure time with his family. It will be called Cotino, a Storyliving by Disney community.
Homebuyers can choose from estates, single-family homes and condominiums to purchase, along with feature neighborhoods for those 55 years old and over.
Rental units are not anticipated to be available. There will be a voluntary club membership through which Disney will provide access to a variety of curated experiences, entertainment, and philanthropic endeavors. Each location within the community will be operated by Disney Cast Members.
Disney also has announced that Cotino will have a mixed-use district with shopping, dining, and entertainment. A beachfront hotel and beach park will also be available. The hotel and park will also be able to be accessed by the public with a purchase of a day pass.
Cotino is being developed in collaboration with DMB Development of Scottsdale, Arizona, which is widely known for its execution of planned communities. “Cotino represents the creativity and operational excellence of Disney combined with the extensive community development expertise of DMB Development. We are delighted to collaborate with Disney in this groundbreaking new concept,” said Brent Herrington, CEO of DMB Development.
“As we prepare to enter our second century, we are developing new and exciting ways to bring the magic of Disney to people wherever they are, expanding storytelling to storyliving. We can’t wait to welcome residents to these beautiful and unique Disney communities where they can live their lives to the fullest,” said Josh D’Amaro, chairman, Disney Parks, Experiences and Products in a press release.
Storyliving by Disney isn’t the company’s first dip into the world of real estate and community development. According to Click Orlando, Disney announced plans for Celebration to the public in 1991 and broke ground in 1994. The master-planned community had plenty of homes, schools, shopping, and dining. However, Disney ultimately let go of Celebration in 2004 and sold it to private investors.
Those with millions of dollars to spend and a love for Disney can also live in the private, ultra-luxe neighborhood of Golden Oak set in the heart of Walt Disney World. Prices start at $2 million and go upwards, to well over $10 million for a home in the desirable neighborhood.
Research contact: @Forbes