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Disney Vacation Development, Inc. <br />A subsidiary of The ;Or Company Company <br />For more information: <br />Keri Lowe <br />(407)827-1955 <br />DISNEY VACATION DEVELOPMENT ANNOUNCES <br />PLANS TO EXPAND TO FLORIDA COAST <br />LAKE BUENA VISTA, Fla. -- Disney's first resort outside of its theme -park <br />locations is planned for an. oceanfront site near Vero Beach, Fla., It was announced here <br />today. <br />Disney Vacation Development Inc., (DVD), a subsidiary of The Walt Disney Co., <br />revealed that It has entered into a contractual agreement to acquire oceanfront property <br />near Al A and County Road 510. <br />The proposed development, which is intended to become part of the successful <br />Disney Vacation Club, is contingent upon obtaining all necessary federal, state and <br />county approvals. <br />"We believe that the Vero Beach site is one of the best in the nation and fully <br />expect it to become part of the Disney Vacation Club," said Mark Pacala, general <br />manager and senior vice president of DVD. <br />Initial plans for the resort, inspired by Northeastern seaboard -style architecture, <br />call for a 120 -room inn and 60 vacation villas, expected to be available during summer <br />1995. The master development plan calls for an additional 260 vacation villas on two <br />adjoining parcels. <br />The new development will be Disney'! first resort project not located at one of its <br />theme parks. <br />Construction of the first vacation villas in Vero Beach will be a natural progression <br />for the Disney company and its long-time commitment to Florida, company officials said. <br />All of the vacation villas will be constructed with Disney's superior standards for detail <br />and quality. <br />"We think that these luxurious seaside villas will be a harmonious addition to an <br />area that's known for its natural beauty," said Pacala. <br />Pending government approval, construction of the first phase is targeted for spring <br />1994. <br />6751 Forum Dr., Suite 200, Orlando, FL 32831 (407) 939-3000 Fax: (407) 939-3333 <br />3 _> <br />MAR 0 1993 Boole Fa�E B <br />L-7 �, <br />