Walt Disney World is set to get up to $17 billion in new construction and investment in the next 10 to 20 years under a development agreement approved Wednesday night.

The Central Florida Tourism Oversight District’s board voted unanimously in favor of the 15-year plan, garnering praise from business leaders who say it will generate jobs and draw more visitors to the region.

“Walt Disney World is inextricably intertwined with the fabric of the state of Florida,” said Brian Aungst Jr., a member of the state’s tourism oversight board. “The success of Walt Disney World is the success of Central Florida and vice versa. This agreement provides us a lasting, sustainable and prosperous future.”

Disney likewise praised the deal in a statement.

“This new development agreement paves the way for us to invest billions of dollars in Walt Disney World Resort, supporting the growth of this global destination, fueling the Florida economy, and allowing us to deliver even more memorable and extraordinary experiences for our guests,” said Jeff Vahle, president of Walt Disney World Resort.

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Disney has not released specifics on what it intends to build, but speculation has abounded it could be planning a fifth theme park.

The agreement includes a commitment of an $8 billion investment during the first 10 years and up to $17 billion over 20. In return, the district committed to road and other infrastructure projects to support the growth.

Robert Earl, founder of Planet Hollywood and other restaurant chains, attended the meeting and praised the deal. He said he doesn’t know Disney’s master plan but expects it will be significant.

“They don’t do anything small, and lots of other attractions are expanding,” Earl said after the vote. “I am sure that they have some great ideas they haven’t shared yet. It’s great for Orlando — for all of us.”

Disney’s competitor, Universal Studios Orlando, is planning to open a new theme park, Epic Universe, next year.

The agreement covers about 17,300 acres owned by Disney, according to a summary of the deal. It authorizes a maximum of five major theme parks, one more than Disney operates in Central Florida now.

It also allows a maximum of five minor theme parks, such as a water park, nearly 1.3 million square feet of office space, 1.7 million square feet of restaurant/retail space and 53,467 hotel rooms.

Other highlights include a $10 million commitment by Disney to fund affordable housing projects, along with a pledge to launch a “buy local initiative” with at least half of construction dollars going to Florida businesses.

The proposal marks a new chapter in the relationship between Disney and Gov. Ron DeSantis. A Disney-DeSantis feud erupted in 2022 over the company’s opposition to what critics called the “don’t say gay” bill, which limited classroom instruction on sexual orientation and gender identity.

The dispute then entered the courts with lawsuits filed over who would control what was then called the Reedy Creek Improvement District, which oversees roads and other government services for Disney World.

In February 2023, DeSantis sacked the district board’s five Disney loyalists and replaced them with his political allies. Lawmakers renamed Reedy Creek the Central Florida Tourism Oversight District.

In March, Disney and the DeSantis-appointed district board settled a lawsuit in state court over development agreements.

Charbel Barakat, acting chairman of the tourism oversight board, thanked DeSantis and his team after the deal was approved, calling it a “monumental step.”

“The governor’s tireless efforts bore major fruit today and will pay dividends for this district and the Central Florida community for years,” he said.