Post by drwadadli on Dec 24, 2019 18:09:42 GMT
Orlando Business Journal’s Jack Witthaus and Richard Bilbao report that The Walt Disney Company’s Compass Rose Corp. purchased approximately 235 acres of land surrounding Reedy Lake, on the northwest edge of the resort property. The sale, completed on Monday, was for $6 million, valued at around $25,321 per acre. Disney purchased the land from Lake Reedy, LLC, based in nearby Winter Park, according to Orange County records. (Lake Reedy previously purchased the land in 2005 for $1.3 million.) The land sits across from Disney’s Palm, Magnolia, and Oak Trail golf courses .
The reason for this purchase still remains a mystery. One theory posed by John Gerner, managing director of Leisure Business Advisors LLC in Richmond, Virginia, is that Disney may decide to use the land as an undeveloped barrier to keep outside companies from moving in near the resort.
However, its location may offer other uses. The land sits near the future site of Flamingo Crossings, which will be home to apartments and value-oriented hotels, shopping and dining. and could be home to potential expansion or a similar independent site, according to Gerner. But the fact that it surrounds Reedy Lake may offer another concept altogether. As Gerner explained: “It could be used for a more upscale, exclusive getaway that feels isolated on the edge of Disney property. They can have their own lake with the amenities of a getaway spot.”
The reason for this purchase still remains a mystery. One theory posed by John Gerner, managing director of Leisure Business Advisors LLC in Richmond, Virginia, is that Disney may decide to use the land as an undeveloped barrier to keep outside companies from moving in near the resort.
However, its location may offer other uses. The land sits near the future site of Flamingo Crossings, which will be home to apartments and value-oriented hotels, shopping and dining. and could be home to potential expansion or a similar independent site, according to Gerner. But the fact that it surrounds Reedy Lake may offer another concept altogether. As Gerner explained: “It could be used for a more upscale, exclusive getaway that feels isolated on the edge of Disney property. They can have their own lake with the amenities of a getaway spot.”