Disney’s entertainment giant is back with a new venture outside the entertainment industry. Disney has unveiled new details about its upcoming Storyliving project in Riverside County, a master-planned community designed to showcase the company’s whimsy and wonder. A venture into real estate is a bold and revolutionary step by the entertainment giant. However, the project is an arena to diversify entertainment through different industry packages.
One of the standout features of the development is the Parr House, a gathering space named after the mid-century style home of the superhero family in Disney and Pixar’s Incredibles 2. The Parr House will feature a main entertaining room, art studio, kitchen, dining room, boardroom, five bedrooms, and an elevated patio with views of the nearby mountains and the community’s grand oasis.
Membership of the Artisan Club, which offers access to the Parr House and other features such as a designated beach area, will be available to Cotino residents and non-residents. Open to Cotino residents and non-residents, the club will provide members with Disney entertainment, events, and spaces inspired by Disney stories.
Disney is building Cotino on 618 acres in Rancho Mirage, near where Walt Disney once owned a home. For the project, Disney is working with Arizona-based DMB Development, which specializes in planned communities. The project will ultimately include around 1,932 residential units, with sales expected to begin in 2023 and the first homes expected to be complete by 2024. Various home types will be available, including estates, single-family homes, and condominiums. In addition, the project will dedicate at least one development section for residents aged 55 or older. The community will also include a professionally managed public beach park accessible to residents and visitors by purchasing a day pass.
Disney plans to inspire Cotino residents to pursue their interests, create new friendships, and write the next exciting chapter in their lives. The company has also stated that it’s exploring other locations for potential future projects, but Disney has not publicly announced the details.
However, Disney faces pressure to rein in costs, particularly in the increasingly crowded streaming arena, where it competes with rivals like Netflix and Amazon. As a result, the company’s CEO, Bob Iger, recently announced plans to cut 7,000 jobs to raise its finances and increase profits in its streaming business. People familiar with the matter have disclosed that the layoffs will affect roles in the units formerly known as Disney Media and Entertainment Distribution and Disney General Entertainment. This is in addition to corporate positions and jobs in the theme parks, experiences, and consumer products business.
Disney’s venture into real estate development is a departure from its traditional focus on entertainment, but it could provide a new avenue for growth and profitability. The company has a loyal following of fans eager to experience the Disney brand in new ways, and the Storyliving project could capitalize on that enthusiasm. As Disney seeks to navigate the rapidly changing media landscape, it will be interesting to see how it continues to innovate and expand its business beyond its core offerings.