{"id":441004,"date":"2024-01-23T16:06:10","date_gmt":"2024-01-23T21:06:10","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=441004"},"modified":"2024-01-23T17:13:10","modified_gmt":"2024-01-23T22:13:10","slug":"florida-theme-parks-creating-more-housing-for-employees","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/florida-theme-parks-creating-more-housing-for-employees\/","title":{"rendered":"Florida theme parks creating more housing for employees"},"content":{"rendered":"\n

A large portion of Florida<\/a>\u2019s economy relies on tourism, especially as major Orlando-area theme parks<\/a> including Universal Studios Florida<\/strong> and Walt Disney World<\/strong>.<\/p>\n\n\n\n

But the parks \u2014 which employ an estimated 110,000 people collectively \u2014 are also facing headwinds due to their employees\u2019 struggles to afford housing<\/a>, and now both NBCUniversal<\/strong> and The Walt Disney Company<\/strong> \u2014 owners of the major parks \u2014 are aiming to address it, according to reporting from Bloomberg.<\/p>\n\n\n\n

For Universal Studios employees, the owners of the park are seeking to construct a 1,000-unit mixed-use development<\/a> slated to open in 2026 that would promise a short commute to the Universal Orlando Resort, which is also aiming to open a full-scale third theme park called \u201cEpic Universe\u201d next year.<\/p>\n\n\n\n

\u201cTo launch the project, Universal donated 20 acres of land adjacent to the Orange County convention center,\u201d the Bloomberg report reads. \u201cCalled Catchlight Crossings and built in partnership with local developer Wendover Housing Partners, the project broke ground in November<\/a>.\u201d<\/p>\n\n\n\n

While the development is in partnership with Universal, it is open to anyone who “meets specific income and other resident requirements” according to a spokesperson for the developer and is not designated specifically for Universal employees.<\/p>\n\n\n\n

Disney is also looking to get more involved in housing its employees, announcing in 2022 that it would \u201cdonate 80 acres for a proposed 1,450-unit affordable development a few miles to the southwest,\u201d Bloomberg reported. \u201cAlso set to open in 2026, the project would be built near Flamingo Crossings Village, a campus for participants in Disney\u2019s college internship program that also leases units to some Disney World cast members.\u201d<\/p>\n\n\n\n

The company also announced significant new investments in its Parks, Experiences and Products segment, expecting to \u201cnearly double capital expenditures over the course of approximately 10 years to roughly $60 billion, including by investing in expanding and enhancing domestic and international parks and cruise line capacity,\u201d the company said<\/a> last September.<\/p>\n\n\n\n

Both companies have faced criticisms in recent years for underpaying their theme park employees, especially as housing costs have risen precipitously.<\/p>\n\n\n\n

\u201cThe average tenant in the [Central Florida] region saw their monthly rent jump by $600 between early 2020 and early 2023,\u201d Bloomberg reported. \u201cAccording to the National Low Income Housing Coalition<\/a>, the Orlando-Kissimmee-Sanford<\/a> metro area has one of the worst affordable housing shortages in the U.S., with only 15 available units for every 100 extremely low-income renter households.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Owners of Walt Disney World and Universal Studios Orlando are making plans to construct more affordable housing for employees.<\/p>\n","protected":false},"author":7007,"featured_media":351859,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41814,1681],"tags":[1474,1204,10681,2123],"coauthors":[239905],"acf":[],"yoast_head":"\nFlorida theme parks creating more housing for employees - HousingWire<\/title>\n<meta name=\"description\" content=\"Owners of Walt Disney World and Universal Studios Orlando are making plans to construct more affordable housing for employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/florida-theme-parks-creating-more-housing-for-employees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Florida theme parks creating more housing for employees - 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