Following the major announcement that it will participate in the construction of the metaverse, Disney has decided to build in the real world as well. However, this time it is not about theme parks or entertainment centers, but residential communities where people will actually live. The entertainment giant is thus venturing into the real estate business, but elevating it to an even higher level by building its own communities with homes, hotels, recreational and entertainment centers, shops, parks, artificial lakes, and beaches. The first such community as part of the ambitious ‘Storyliving by Disney’ project will be located in California, Rancho Mirage, a site where Walt Disney once lived.
Community Cotino
As announced, this residential community named Cotino will comprise around 1,900 properties of various purposes, from housing to entertainment, and will be divided into different thematic zones according to the age of the residents. For example, certain areas of Cotino will be inhabited by families with small children, while others will be designed for residents over 55 years old. Disney employees will be responsible for managing the properties as well as designing the content. However, as CNN notes, this does not mean that a team dressed in Mickey Mouse costumes will walk through the community, but rather that Disney will create content for residents to enjoy their leisure time or for educational purposes. For instance, they will offer various recreational programs, culinary courses, seminars, wellness, and philanthropic projects. Residents will pay rent to the property owners for this fairytale life, but it is still unknown how much that will amount to. As stated by Josh D’Amaro, CEO of Disney Parks, Experience and Products, the company is known for its storytelling, and as it enters its second century of business, it has decided to develop new and exciting ways to convey that Disney magic to people, no matter where they are.
