News Reedy Creek Improvement District and the Central Florida Tourism Oversight District

[GoofGoof]

The cancelling of this project is also in the financial interest of DIS.

As there is a glut of commercial real estate currently with an expected crash in the valuation of commercial real estate, the anticipated value in respect to NPV of the project makes the project unjustifiable.

Could be DeSantis, fiscal prudence, or a bit of both.

Doesn’t Disney own the land already? So if real estate value is dropping isn’t it worth less now if they dump it back on market? Not moving the jobs saves them some relocation costs and obviously the cost of constructing the building but they also lose the tax credits. Short term it’s a financial gain to cancel but long term it’s harder to say.

 

[Lilofan]

The problem there will be the housing shortage. California has something like 2.5 well paid jobs for every house that's actually available to purchase.

I saw a program in that the housing is so expensive and shortages that thousands in CA sleep in their cars in a number of neighborhoods and parking lots.

 

[Chi84]

I just say get the URL from the site instead of apple's lame share. I can't even click the link in my desktop browser without it going to try to install apps. It's not that I hate apple... I hate sites that try to funnel you through their apps instead of the web. Like apple news and podcasts

Disney cancels plans for $1 billion campus, 2,000 jobs in Florida

Walt Disney Co is scrapping plans to build a nearly $1 billion corporate campus in central Florida that would have housed 2,000 employees, according to an e-mail to employees.

www.reuters.com

Okay but my entire point was the positioning of the news article as the lead on Apple’s news feed. I get what you’re saying though.

 

[JoeCamel]

Doesn’t Disney own the land already? So if real estate value is dropping isn’t it worth less now if they dump it back on market? Not moving the jobs saves them some relocation costs and obviously the cost of constructing the building but they also lose the tax credits. Short term it’s a financial gain to cancel but long term it’s harder to say.

Class A space is dropping but land will be fine. They will make at least 10% on the purchase

 

[tissandtully]

I saw a program in that the housing is so expensive and shortages that thousands in CA sleep in their cars in a number of neighborhoods and parking lots.

So do WDW CMs, Central Florida housing isn’t much better.

 

[tissandtully]

death to apple news URLs - I don't want their stinkin app

It’s a far superior reading experience than any news media site

 

[Nubs70]

Doesn’t Disney own the land already? So if real estate value is dropping isn’t it worth less now if they dump it back on market? Not moving the jobs saves them some relocation costs and obviously the cost of constructing the building but they also lose the tax credits. Short term it’s a financial gain to cancel but long term it’s harder to say.

The issue is with the $1B investment. The NPV calculation may well show that the $1B placed into another asset will provide a greater or even a simple positive return. I.E. spending $1B on an office complex is a bad investment.

 

[RamblinWreck]

Disney isn’t building anything anywhere any time soon. Stock just went into the toilet.

That’s a ridiculous thought.

 

[RamblinWreck]

Still down from where they were two weeks ago.

And that’s going to stop them from building things?

 

[RamblinWreck]

Exactly what I said in the last page. This has more to do with declining stock price.

In other words, you are clueless about how business works.

 

[MagicHappens1971]

In other words, you are clueless about how business works.

I didn't know everyone became a stock broker overnight. I've never seen so much conjecture about stock price and how it relates to Disney park expansions.

 

[BuddyThomas]

I didn't know everyone became a stock broker overnight. I've never seen so much conjecture about stock price and how it relates to Disney park expansions.

It's exactly the same as how everyone on here became an epidemiologist overnight during COVID. That was all kinds of fun. And that's when the politics board was open. So extra extra fun.

 

[MagicHappens1971]

Just for anecdotal discussion (while I personally feel the stock price is unrelated to Park expansion), July 14, 2017, Disney's stock price closed at $104, the day later, they announced MMRR, Skyliner, Starcruiser, Space 220, and more.

2 Years later, Disney's stock closed at $130 before D23 2019, and they announced practically nothing.

 

[seascape]

Disney purchased the land in 2021 for 48 million. They will stilll most likely sell it for a profit as the value of land is still up from 2021.

 

[lewisc]

Would the Lake Nona site work for a jail or affordable housing?

 

[GhostHost1000]

Would the Lake Nona site work for a jail or affordable housing?

Universals 4th park gate will probably break ground soon there lol

 

[Bleed0range]

Just for anecdotal discussion (while I personally feel the stock price is unrelated to Park expansion), July 14, 2017, Disney's stock price closed at $104, the day later, they announced MMRR, Skyliner, Starcruiser, Space 220, and more.

2 Years later, Disney's stock closed at $130 before D23 2019, and they announced practically nothing.

Stock prices go up and down daily and seem too fluid to have too big of an effect on expansions that take a ton of money, time, investment. I would think they’re not that closely related. By the time anything were fully developed, engineered, built years would have gone by. The initial decision to expand in general is in an effort to make more money, be competitive and generate a higher stock price.

 

[mikejs78]

Republican mayor of Miami blasts DeSantis for allowing his "personal vendetta" to cost the state 2,000 jobs.

Regardless of whether or not this decision was made because of DeSantis, this isn't playing well for DeSantis.

Miami mayor says DeSantis ‘personal vendetta’ with Disney is costing state

Miami Mayor Francis Suarez (R) blasted Florida Gov. Ron DeSantis (R) for his “personal vendetta” with Disney, saying the yearlong feud has cost the state jobs and investments. “Lo…

thehill.com

 

[Mike C]

Some are going to blame Desantis, but I suspect all of the above is rooted in bigger problems at Disney and he's just a symptom of those.

 

[ParentsOf4]

Some are going to blame Desantis, but I suspect all of the above is rooted in bigger problems at Disney and he's just a symptom of those.

The Feud might have been the breaking point.

However, for a CEO who emphasizes the importance of creatives, forcing 2000 to move to FL was a bad look.

Perhaps more importantly, the company is looking to cut costs immediately. Sinking a billion into this did not make sense at this time.

All three played a factor. Which one was the most important depends on how you want to spin this.