Disney Launches New Real Estate Business Across the US... Expands 'Storyliving' Project

First Establishment in Rancho Mirage, California, Near Where Walt Disney Lived

[Asia Economy Reporter Kim Hyunjung] The American entertainment company Disney is launching a new real estate business.

Bloomberg reported on the 16th (local time) that Disney announced it will start a 'Storyliving' residential community development project in the United States. First, it will develop the first residential complex in Rancho Mirage, California, and plans to expand its real estate development business nationwide. Rancho Mirage is near where Walt Disney, the founder of Disney, once lived.

The Rancho Mirage project, named 'Cotino,' will be developed in collaboration with Arizona-based DMB Development. The approximately 97,000㎡ site will include a zone for residents aged 55 and older, and will offer a variety of properties such as general real estate, single-family homes, and condominiums for sale.

In particular, it plans to provide various activities including wellness programs, entertainment, asset activities, and seminars. However, it has not yet been decided how much of Disney's brand will be incorporated into this project.

Josh D’Amaro, Chairman of Disney Parks, explained, "We are developing new and exciting ways to bring Disney magic to people beyond storytelling, no matter where they are."

This is not Disney's first real estate venture. The company previously collaborated with renowned architects such as Michael Graves to design and develop a town called Celebration in Florida in the 1990s, selling luxury homes to the general public.