Disney on Tuesday received final approval to move forward with its nearly $2 billion expansion plan for its Disneyland theme park in California.
The Anaheim City Council said the company’s proposal — “DisneylandForward” — received its second unanimous approval from all seven members.
DISNEY SHARES SINK AS STREAMING BUSINESS FALLS SHY OF PROFITABILITY The plan “shifts development amounts already approved by the city to other land Disney now operates on,” the city council said.
Disney has about 490 acres of land in Anaheim across Disneyland and California Adventure Park, FOX Business previously reported.
The zoning changes Disney sought for the project “would allow for the building of additional theme park and other visitor attractions in Anaheim” without giving Disney any new land, according to the council.
Some other possible inspiration Disney has identified for future additions to its California theme park complex are “Tangled,” “Frozen,” “Zootopia” and “Toy Story Land,” according to the company’s website dedicated to the project.
With the expansion plan, Disney will put $1.9 billion toward the California resort in a 10-year span.
The company also agreed to give $48 million for affordable housing, sewer improvements and city parks, the city council said.
Disney’s nearly $2 billion expansion plan for its Disneyland theme park in California was given final approval on Tuesday.
The seven members of the Anaheim City Council unanimously approved the company’s second round of approval for “DisneylandForward.”.
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Disney currently operates on other land, and the plan “shifts development amounts already approved by the city,” according to the city council.
Disney owns approximately 490 acres in Anaheim, which are divided between California Adventure Park and Disneyland, according to a previous report from FOX Business.
Without granting Disney any additional land, the council stated that the zoning changes Disney requested for the project “would allow for the building of additional theme park and other visitor attractions in Anaheim.”.
A ticker security last change percentage for DIS THE WALT DISNEY CO. A total of 105 points plus 04 points and 04 percent.
Disneyland Resort President Ken Potrock wrote on the Disney Parks blog, “I’m grateful the city council agrees and voted to work with us on this legacy project that will set up Disneyland Resort and the City of Anaheim for an incredibly bright future.”.
In a statement to the city council, Disney requested permission to build “theme park attractions alongside hotels on the west side of Disneyland Drive and theme park attractions alongside new shopping, dining, and entertainment to the southeast on what is today the Toy Story Parking Area at Katella Avenue and Harbor Boulevard.”.
The CEO of the massive entertainment company, Bob Iger, stated of DisneylandForward on Tuesday morning, before the city council gave its approval, that it is “incredibly excited for the many potential new stories our guests could experience at Walt’s original theme park, including the much-anticipated opportunity to bring Avatar to Disneyland.”.
Disney has identified “Tangled,” “Frozen,” “Zootopia,” and “Toy Story Land” as potential sources of inspiration for future theme park additions to its complex in California. The company’s website is specifically devoted to this project.
Disney will invest $19 billion in the California resort over a ten-year period as part of the expansion plan.
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It has been stated that “DisneylandForward” is a “multiyear” project that will take place over several decades.
According to the city council, the company also agreed to donate $48 million for city parks, sewer upgrades, and affordable housing.
One of Disney’s main sources of income is its theme parks.
