Disneyland Resort plans to invest at least $1.9 billion in the city of Anaheim as part of an expansion plan called Disneyland Forward. This is a development agreement that will allow the theme park to add a number of new attractions, hotels and parking facilities to its approximately 500-acre site. -Expand the acre site over the next 40 years.
The resort, owned by Burbank-based Walt Disney Co. (NYSE:DIS), and the city of Anaheim submitted a proposed new development agreement to the City Council on January 23, with the entertainment giant's expected investment in the first 10 He said it would be held annually. If the project is approved, development will begin.
DisneylandForward was first introduced in 2021. The latest version of the proposal codifies many of the initial concepts that Disneyland and the city originally considered.
Park representatives said the $1.9 billion commitment covers the creation of new attractions, lodging, dining and retail through the Disneyland Forward expansion.
Details of the new development will be determined after city approval, likely later this year.
The city says the plan “does not call for the development of new land, square footage or hotel rooms.”
Instead, the city says it will “transfer previously approved development amounts to the entire Disney-owned property.”
Disneyland's proposed investment in the city over the next 10 years would be one of several large-scale construction projects planned for Orange County.
Disney's last major investment in its area theme park was for the opening of Star Wars: Galaxy's Edge in 2019, with development costs estimated to be close to $1 billion.
The opening of Avengers Campus in 2021 is estimated to cost an additional $500 million.
Anaheim officials said the recently agreed investment plan exceeds the $1.9 billion floor and could approach $2.5 billion over the next 10 years.
Among other notable changes in zoning, the proposal would expand the zoning from 292 acres to 389 acres, allowing for a mix of theme park attractions, hotels, shops and restaurants.
According to a city fact sheet, the zoning update “could allow for new lands and attractions similar to those found at Disney parks around the world.”
Last month, the city outlined additional priority funding from Disney for infrastructure and affordable housing needs within Anaheim.
These plans currently include:
• Up to $90 million for road and transportation improvements in the city.
• $10 million for sewer improvements along Katella Street and Anaheim Boulevard.
• $8 million for public park updates within the first year.
• $30 million for affordable housing within five years.
The proposal extends a previous 1996 agreement between Disney and the city.
As part of the proposed city plan, Disney will pay $40 million for surrounding smaller streets, including Magic Way, Clementine Street and Hotel Way, as part of $90 million in city street and transportation improvements.
It will also require the removal of the Toy Story parking lot widening between Katella Avenue and Orangewood Avenue.
The DisneylandForward team has already built a 17,000-storey building that will serve arriving guests from the Santa Ana (5) Freeway with a pedestrian bridge into the park, similar to the bridge and shuttle at the Mickey & Friends and Pixar Pulse buildings on Harbor Boulevard. We are proposing a parking structure on the east side of the parking lot. .
Plans also include building three pedestrian bridges over the harbor and up to two over Disneyland Drive.
The $30 million Disney has allocated to Anaheim's affordable community is the largest corporate gift ever made to the city for that purpose.
The funding could help develop about 500 apartments, according to city data.
The company previously donated $5 million to the Orange County Housing Trust to help fund Finamole Place, a $61 million, 102-unit apartment community that opened in 2023.
“This opens up an opportunity to consider more affordable housing that is currently not possible due to limited resources,” Anaheim spokeswoman Erin Ryan said.
Anaheim says an $8 million park investment from Disney could fund a three-acre park. Other developments could include a combination of new basketball courts, playgrounds, skate parks or water play areas throughout the city.
Upfront investments made by Disney in original terms beginning in 1996 resulted in California Adventure Park, the Downtown Disney Shopping District, and the Grand Californian Hotel & Spa.
Discussion on the project is expected to begin at a Planning Commission hearing in March. Additional City Council hearings are scheduled for April and May.
Disneyland is Orange County's largest employer with approximately 35,000 employees and a major driver of OC's significant tourism industry.
Disneyland Resort President Ken Potrock said the Anaheim theme park has about $2 billion in development underway by 2023.
Those projects include renovations to the Downtown Disney shopping district, with several updates still planned for 2024.
The multi-year renovation project will replace multiple retail stores and the former AMC Theater with a new entrance portal, and open more than a dozen new dining and retail locations, including Porto's Bakery and Din Tai Fung.
Plans are also in the works for a new two-story Earl of Sandwich store.
Michelin-starred chef Carlos Gaytan's new restaurants, Paseo and Centrico, are scheduled to begin construction in 2023 and open this spring.
The Walt Disney Company recently announced Tiendita, its third eatery based in Gaitan, scheduled to open this year along with two others. Tiendita's menu offers grab-and-go meals related to Paseo and Centrico's Mexican cuisine.
All three restaurants are operated by New York-based Patina Restaurant Group, which also operates locations at Walt Disney World in Florida.
The restaurateur counts Naples Ristorante e Bar and Tortilla Joe's in Downtown Disney and Leatherby's Café Rouge in the Segerstrom Center for the Arts as part of his local portfolio. Tortilla Joe's will close on March 31st to coincide with the opening of three new Mexican restaurants.
Other new developments on the way to the shopping district include an entertainment and food and beverage space called The Alley and a food hall called Parkside Market with four different fast-casual options, including Korean rice bowls and an upstairs bar. there is.