While Florida's real-estate market slumps, Disney is raising the stakes with a luxury vacation home project at its Orlando resort.
The contrarian move has some analysts shaking their heads, but the entertainment giant figures it has yet to tap the high-end niche -- and it plans to do so at Golden Oak, where custom home prices will run from $1.5 million to $8 million.
We have a range of options for guests at all price points to enjoy the Walt Disney World Resort. But Golden Oak is something totally new: a residential resort community, right in the heart of the magic, said Matt Kelly, vice president, Disney Resort Real Estate Development.
The project will span 980 acres and include a new Four Seasons resort and two revamped golf courses.
Befitting the torpid real-estate market, Golden Oak will start slowly with fewer than 30 home sites available for sale this year, officials said. Build-out is set at 450 homes.
Lot sizes will range from half- to three-quarter acres. Buyers will be required to tender a refundable $25,000 desposit and use one of Golden Oaks select custom home builders.
Catering to vacationers, Golden Oak will offer concierge services and "a collection of Walt Disney World Resort benefits to bring Disneys guest service culture directly to residents," a company release stated.
Golden Oak will be a place where families can come together and make memories for generations to come -- with Disney World right at their doorstep," Kelly said.
The luxury enclave is a big step up from the "Celebration" project Disney launched some 15 years ago. That 4,900-acre community southwest of the theme park features homes from the $180,000s.
But, as in the rest of Florida, those home values have slipped, with Celebration's median prices dropping nearly 60 percent in the past four years, according to Zillow.com
On a far smaller and more exclusive scale, Disney is betting that it can capitalize on the high-end vacation market with Golden Oak.
Four Seasons evidently feels the same way. Its move into Disney will be the Toronto-based luxury hotel group's first foray into Orlando.
The hotel will officially be known as the Four Seasons Resort Orlando at Walt Disney World Resort. Golden Oak plans to offer residents access to select Four Seasons amenities including the full-service spa, restaurants, golf course and event space.
Four Seasons -- with 74 hotels in 31 countries -- has resorts in Palm Beach and Miami. Its spokesman was not available for comment.
In keeping with its new lean toward luxury, Disney World has opened a "Best Friends Resort" offering air-conditioned VIP suites and a water park -- just for pets.
The facility has 50,000 square feet of indoor and outdoor space to accommodate up to 270 dogs and 30 cats overnight. Hamsters, guinea pigs, rabbits and ferrets also will be welcomed. No word about mice, however.
Disney's five boarding kennels will be phased out with the opening of the new pet resort, officials said.
--
Contact Kenric Ward at kward@sunshinestatenews.com or at (772) 801-5341.
