Walt Disney Co. has purchased the BK Ranch, a 965-acre parcel southeast of its Celebration master-planned community in Osceola County, Fla., for $23 million, according to a report in GrowthSpotter.
The land has been envisioned for years as a master-planned community to rival Celebration, and is currently zoned for 3,000 new homes and 378,000 square feet of commercial and office space. However, according to Jerry McGratty, broker/owner of Westhampton Realty and the court-appointed receiver for the property, Disney is primarily interested in the property for water management and conservation. "I do not believe they will ever develop it," he said.
The transaction follows the same model as Disney's 2014 purchase of Mira Lago, a failed 3,000-acre residential development south of Poinciana. It was bought to mitigate wetland impacts as a result of new construction in the Disney theme parks and resort areas.Read More