The Walt Disney Co. will move into residential home-building with Storyliving by Disney, master-planned communities with amenities and special touches that are hallmarks of the company.
The Burbank entertainment and media giant will build the first community, Cotino, in Rancho Mirage in the Coachella Valley, a location where Walt Disney himself owned a home and would spend time with his family, a release from the company said. Other locations in the U.S. are under exploration for future development.
Walt Disney Imagineers will play a role in developing the creative concept for the communities, working in conjunction with respected developers and homebuilders.
Michael Hundgen, executive producer of Walt Disney Imagineering, said that a team of Imagineers is looking at the areas to inspire the theme of Storyliving by Disney communities.
“Distinctively designed indoor and outdoor spaces will offer residents new opportunities to explore, engage and create the next incredible chapter of their story,” Hundgen said in a statement.
Cotino will have homes available to all age groups and include an area for those 55 years and older. Home buyers will have a range of home types to choose from, including estates, single family homes and condominiums, according to the Disney release.
The community is being developed by DMB Development, a Scottsdale, Ariz. developer of large-scale planned communities.
As part of the specific plan, there will be a mixed-use district featuring a range of shopping, dining and entertainment, a beachfront hotel and a professionally managed beach park with recreational water activities that can be accessed by the public through the purchase of a day pass, according to the Disney release.
Through a club membership, Disney will also provide access to curated experiences, such as wellness programming, entertainment ranging from live performances to cooking classes, philanthropic endeavors and seminars, the Disney release added.
The announcement of Storyliving by Disney was made on Wednesday. On Thursday, shares of Disney (DIS) closed down $3.40, or nearly 2.2 percent, to $152.95 on the New York Stock Exchange, on a day when the Dow Jones closed down nearly 1.8 percent.