Disney Vacation Development is reportedly in talks to rid itself of 26 acres of unused land adjacent to Disney's Vero Beach Resort.
TCPalm.com is reporting that developer GHO Homes LLC is in talks to purchase a large plot of land formerly earmarked for Disney's timeshare program. The developer's current plans call for construction of 96 residential units consisting of 18 single-family homes and 39 duplexes. County officials would have to approve rezoning of the property, which was most recently appraised at $4.6 million.
The Vero Beach resort, which opened in 1995, was originally to be developed in two phases: the current resort located on the eastern side of State Road A1A and a second phase on the western side of the road. However, sluggish demand for Disney timeshare accommodations located about 100 miles from the Walt Disney World theme parks prompted alterations to those plans. Phase 2 was cancelled and the land has sat dormant for more than two decades.
Disney did use a portion of the land to construct support buildings, parking and some recreation facilities including basketball and tennis courts. If this sale were to move forward, none of that existing infrastructure would be impacted. Vero Beach Resort guests can reach the western side of the resort at street level or via an underground tunnel that runs under SR 1A1.
Early owners of Disney's Vero Beach Resort were granted a subsidy to their annual dues based upon promises of this Phase 2 which never materialized.
Sale of the property would likely have minimal financial impact on the resort or its owners. Since timeshare units were never constructed on the property, it is wholly owned by Disney Vacation Development or another Disney subsidiary who would stand to benefit financially from the property transfer.
h/t: TCPalm.com
