Disney recently announced plans to build residential communities and businesses in Southern California’s Coachella Valley region, but the ever-changing demands of a volatile housing market paired with a lasting Palm Springs drought could hinder new development planning. The residential communities, which will be called ‘Storyliving by Disney,’ are expected to be a mix of single-family homes, condominium units, and villa estates two hours away from Disneyland in Anaheim, California.
Prices for the homes and club memberships have not been announced, and an official start date for Disney’s residential construction has not yet been determined, but some brokers anticipate years of delays before Storyliving becomes a reality.
Disney will enlist its own employees, called “cast members,” to head its community association, likely mimicking the guest and hospitality services of its parks and cruise ships. In addition, the community is expected to feature a 24-acre water oasis said to “be built sustainably with low water consumption and using a minimum amount of additives and energy,” Disney said in the release.
Two years into the COVID-19 pandemic, the company’s Florida-based attractions have not yet rebounded from the virus-fueled losses. International locations of Disney theme parks continue to be affected by mandatory capacity and travel restrictions. And with the red-hot real estate market continuing to heat up as rents and homebuying prices continue to skyrocket across the country, a pivot back to real estate could be a viable option—if enough of these homes sell.
