3/30/1993 - Laserfiche WebLink

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MAR 3 0 1993 Boor $9 FasF Vacation Development, Inc., a subsidiary of The Walt Disney Company, is very excited to announce plans for developing a residential resort in Indian River County. About one and a half years ago they began looking for oceanfront property to build a residential resort that would meet many very special requirements. Gordon Nutt's parcel of land located near AIA and CR -510 was chosen as the most desirable site and Disney entered into an option agreement to acquire the property in phases over the next few years. Their development plans are being designed to complement the natural environment and meet Disney's high standards of quality. This new development adds a new dimension of excitement to Disney as it will be the first resort project that will not be located at one of their theme parks. Although all plans have yet to be finalized, the proposed development will include a 120 -room inn and 60 vacation villas which will be built fronting the ocean in northeastern seaboard style architecture. The master development plan, contingent on obtaining all necessary approvals, calls for an additional 260 vacation villas on 2 adjoining parcels. Mr. Shinn noted that during their initial investigation period, Disney consulted with various architects, engineers and planners, and he assured the Board that the proposed development will be in compliance with environmental regulations, zoning, densities, traffic patterns, water and wastewater requirements, and local architecture and aesthetics. The new resort could create as many as 350 jobs in this county. Construction is expected to begin in the spring of 1994 with completion of the first phase targeted for the summer of 1995. Mr. Shinn distributed copies of the following news release and reviewed very briefly the preliminary artist's rendering of the project. 2 --