A lot of us base our affection & nostalgia for Epcot-the-City on that 25-minute-long film that Walt shot back in October 27, 1966, just seven weeks before he passed away. This is the one where he’s standing in front of that map which shows the 43 square miles of property that Walt Disney Productions discreet acquired in Central Florida in 1964 & 1965. This is the film where Walt boasts that “ … According to this scale, I am six miles tall.”
People today forget why this movie was actually made.
The Epcot film was created to persuade the people of Florida to contact their State representatives up in Tallahassee and make sure that they actually supported that piece of legislation that was chugging through those chambers.
Which would then make it possible for Walt Disney Productions to turn those 27,443 acres that it had bought on the sly into a “ … vacation kingdom.”
That’s the thing that people forget nowadays. How initially tentative the Disney Company was about Project Florida.
Project Florida: Florida Welcomes Walt Disney
I mean, everyone’s seen those photographs of Walt & Roy O. Disney from November 15, 1965. The ones that show the Disney Brothers at the Cherry Tree Plaza Hotel in Orlando. They’re seated at the head table alongside then-Governor Hayden Burns with a big “Florida Welcomes Walt Disney” banner hung behind them.
This is where Walt first spoke to reporters about Project Florida. He spoke in pretty general terms about what his Company was planning on building out there in the swamps of Central Florida. Just to be clear here: The Company’s founder was definitely in “Kindly Old Uncle Walt” mode that day. He charmed the pants off of all of the reporters in the room that day.
What often doesn’t get talked about is the meeting that was held BEFORE this press conference. Governor Hayden Burns then hosted Walt & Roy at a reception that was held in Orlando. Where members of the Disney organization then met with the Governor’s staff and 750 of Florida’s top state officials, dignitaries and business leaders.
Now you have to understand that the news that Walt Disney was planning something big in Florida was only weeks old at this point. The Orlando Sentinel had only just run its “We Say ‘Mystery’ Industry is Disney” story on the front page on October 21, 1965. Just three & a half weeks earlier.
Florida’s Land Boom and Real Estate Market Collapse
Just some 40 years earlier — Florida had experienced a land boom. Which was the state’s first real estate bubble. This was the period between 1924 & 1926 where — keying off of the construction of then-entirely new cities like Coral Gables, Hialeah, Miami Springs & Miami Shores, property values all over the State suddenly shot up. Speculators then jumped into the State’s real estate market and convinced thousands of people to invest their life’s savings in get-rich-quick schemes.
The sudden collapse of Florida’s real estate market in 1926 (which largely occurred because so many of these homes were supposed to be built on unreclaimable swamp land) financially ruined thousands of investors & property owners. More to the point, it crippled the local economy out ahead of the Great Stock Market Crash of 1929. It took the Florida real estate market decades to recover from this one-two punch. Only after World War II did things start to turn around.
So you can understand why all of those Florida officials who were attending this reception with Walt, Roy & Governor Burns were both excited & nervous. Central Florida — because it had no beaches to power a tourism-based recovery — had lagged behind much of the State when it came to property values recovering for Florida’s land boom & bust of the 1920s. That’s why so much of the property in Orange & Osceola County was used for cattle grazing. Based on its low real estate value, that’s all this acreage was really good for.
Walt Disney Productions Annual Report (1965)
So what Walt & Roy were talking about doing here would really be throwing this part of the State a lifeline. Which is why — I’m quoting from Walt Disney Productions’ annual report of 1965 (which was published on December 15th of that same year.
Just one month after the Disney Brothers met with the press at Cherry Tree Plaza Hotel in Orlando):
Governor Burns assured Walt at that time of the State’s cooperation and outlined the problems facing Walt Disney Productions. He then explained how these considerations are being handled.
“Walt Disney has proposed a truly unique project in terms of size, scope, purpose, imaginative concepts and all other aspects. at a press conference to discuss Project Florida,” Burns told the group. “This fact makes it impossible to fit their enterprise into any of the usual new-industry categories. Therefore, it requires careful attention and cooperation on the state and local government levels.”
“Mr. Disney and his representatives have sought clarification of certain existing laws and statues that pertain to their planned project,” the Governor continued. “They have also asked for our help in obtaining reasonable and logical assurances of cooperation for the proposed undertaking.”
Governor Burns said that all requests by Walt Disney Productions were being handled through existing Florida law and precedents. He emphasized that Walt Disney Productions had not asked nor had been granted any special privileges.
The governor gave his pledge to work with the Florida state legislature in matters requiring legislative action.
Calling him Florida’s “Man of the Decade,” the governor then introduced Walt, who was given a standing ovation.
Walt outlined his preliminary ideas for the new Disney World and concluded by expressing his “deep appreciation” to Governor Burns and the people of Florida for their interest and enthusiasm in the project. He also thanked all levels of government for the speedy action and exceptional cooperation in dealing with the various matters that had to be resolved.
Following the business session, Walt, Roy and Governor Burns met with representatives of the news media in what was said to be the largest and friendliest press conference in Florida’s history. More than 350 reporters, photographers and television newsman were present for this session.
Florida Project Cost Estimates and Timelines
It was at this press conference that Walt revealed that it would take — based on preliminary estimates that WED had done — “at least a year and a half to design” the vacation kingdom portion of Disney World and then “at least another year-and-a-half to build” the thing. “But we’ve still got a lot of work to do before we can even begin to think about starting construction.”
But the numbers that Walt had dangled in that business session prior to this press conference had just dazzled those Florida representatives. A $100 million project which would eventually lure 6.2 million people a year to Central Florida. Never mind about the 3000 – 4000 employees who’d eventually be hired to work at Project Florida. In the ten years after Disney World had opened, this vacation kingdom was expected to generate $1.3 billion in revenue for the communities surrounding Project Florida in Orange & Osceola County.
It all seemed too good to be true. And it was. Because Walt Disney Productions officials revealed — in that very same annual report in 1965 — that they had already managed to turn a profit on Project Florida.
How Much Florida Land Did Walt Disney Productions Purchase in 1965?
By October of 1965, Walt Disney Productions had put together 27,443 acres — almost 43 square miles — at a cost of just over $5 million. (Adjusted for inflation, that’s approximately $44,750,000 in 2022 dollars).
To this date, the Company has accomplished a major and important real estate acquisition. Negotiating for purchase and clearing title for each individual parcel required nearly two years time. Because this has been accomplished, the value of the land has increased significantly. The Company’s investment would be a successful one simply as a massive real estate venture.
Long story short: Disney didn’t have to actually build Project Florida to come out ahead in this deal. They could just sell off all of the property they had acquired in all of those surreptitious land deals in Central Florida and turn a very tidy profit.
Walt Disney’s Mineral King Project
The other thing that concerned Florida officials was that — in December of that same year — it was revealed that Walt Disney Productions’ bid to develop a recreation facility high up in the mountains surrounding Mineral King, CA had been accepted by the United States Forest Service.
At full build-out in 1976, this ski area / resort would potentially accommodate 15,000 – 19,000 skiers at one time. Plans called for 14 different ski lifts, a village that contained a chapel, an ice skating rink, a conference center, restaurants, convenience stores, low cost lodgings. All for $35 million. Which was a third of what Walt Disney Productions was planning on spending in Centra Florida to turn all of that swampland into a vacation kingdom.
The less-than-subtle message that was then passed along to Florida legislators was … We can already turn a profit by selling off all of the land we acquired. Plus we have another outdoor recreation project, one that will be equally profitable as Project Florida’s vacation kingdom. Remember how Governor Burns said “ … that Walt Disney Productions had not asked nor had been granted any special privileges.”
That was all about to change.
Learn More about General Joe Potter and The History of Reedy Creek Improvement District: Part 2
This article is based on research for The Disney Dish Podcast “Episode 369”, published on April 11, 2022. The Disney Dish Podcast is part of the Jim Hill Media Podcast Network.