Disney Sells Heart of City It Created
Wed Jan 21,10:28 PM ET Add U.S. National - AP to My Yahoo!
By MIKE SCHNEIDER, Associated Press Writer
CELEBRATION, Fla. - The Walt Disney Co. on Wednesday sold the heart of a city it created, ending the entertainment giant's most visible connection to an experiment in urban planning.
Disney sold the town center of Celebration to Lexin Capital, a private real estate investment firm, for an undisclosed amount.
The purchase encompasses 18 acres of shops, restaurants, offices, apartments and three land parcels. A spokesman for Lexin Capital didn't return a call seeking comment.
Disney will keep a presence in the town of 8,000 near Disney World for several years while focusing on selling its remaining commercial land, said Andrea Finger, a spokeswoman for Celebration Co., a real estate development division of Disney.
Residents and retailers said they were reassured by Lexin Capital officials that there would be little change.
"It's just a different name on the rent check," resident Heather Clayton said.
Disney's name attracted residents who had high hopes the affiliation would recreate the idyllic small-town ambiance found in many Disney films. While the town has had some problems, such as early criticism of its public school and its rigid covenants, most residents call Celebration a success. Property values are among the highest in the Orlando market.
When Disney founded Celebration in 1994, it based its designs on the concepts of "new urbanism," a school of urban planning that emphasized parks, sidewalks and the mixing of residential and commercial space.
The city now has two public schools, an 18-hole golf course and a hotel, along with the retail area.
"It's a wonderful place to raise a family," Clayton said.
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