Disney cancels $1 billion Florida project, keeps future Disney World investment
BURBANK, Calif. (FLV) – The Walt Disney Company has revoked a $1 billion plan to establish a new office complex in Orlando.
It would reportedly have brought more than 2,000 jobs with a $120,000 average salary to the Orlando area, situated close to Walt Disney World.
The project was called the Lake Nona Town Center and would have relocated over 1,000 employees from California.
“Turns out, bigoted policies have consequences,” California Gov. Gavin Newsom reacted to the news. “That’s 2,000+ jobs that will be welcomed back with open arms to the Golden State. Thank you for doing the right thing, @Disney.”
DeSantis’ office responded, saying the “possibility” of the project was brought up two years ago and “nothing ever came” of it.
“The state was unsure whether it would come to fruition,” they said.
“Given the company’s financial straits, falling market cap, and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures.”
The company’s actions come as legal battles heat up between DeSantis, and his appointed Central Florida Tourism Oversight District board, and Disney.
Florida reportedly has a tax credit that would have allowed the company to regain nearly $570 million over 20 years for the complex, which is an initial reason for the plans.
Josh D’Amaro, the company’s theme park and consumer products chairman, pointed to “changing business conditions” for the project cancellation.
He said he is still “optimistic” about Disney World, which still has $17 billion in future investments planned, as previously announced by CEO Bob Iger.
200 employees who already moved to Florida will potentially be able to move back.
Ongoing lawsuits with Disney and DeSantis are over Florida’s nullification of the company’s last-minute, far-reaching agreements that granted them considerable power over the district.
Disney alleged that the governor-appointed board is engaging in a “targeted campaign of government retaliation” that would threaten “Disney’s business operations, jeopardizes its economic future in the region, and violates its constitutional rights.”
They described the board’s vote to commence nullification of Disney’s far-reaching agreements, that occurred before the new board was appointed, as the “last strike.”
DeSantis’ office responded, saying Disney has no “legal right” to “operate its own government or maintain special privileges not held by other businesses in the state.”
