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ORLANDO-Disney Institute, a 200,000-sf, multi-buiilding entertainment-educational-hospitality venture that Walt Disney Co. chairman Michael Eisner unsuccessfully orchestrated in 1997, is being reborn as the 484-unit Saratoga Springs Resort with projected unit prices of $12,000 to $150,000 per week.

The 16-acre timeshare complex will have 184 new units and 300 apartment-style rooms in older buildings of the Institute campus located near Downtown Disney and the Pleasure Island attraction.

Disney officials couldn’t be reached at GlobeSt.com’s publication deadline to learn the estimated development cost.

But Orlando area construction industry estimators who have worked on Disney projects at the 30,000-acre Lake Buena Vista, FL enclave tell GlobeSt.com on condition of anonymity the estimated hard construction cost of Saratoga Springs will be in the $60 million range.

They estimate the 184 new luxury units can’t be built today for under $200,000 per unit. The remodeled units will come in at about $75,000 per unit, the estimators project.

The $150,000-per-week units will be able to accommodate up to 12 guests. The Saratoga project brings Disney’s timeshare count to 2,350 units in seven locations versus 22,000 hotel rooms in 19 properties, according to previously published reports of the individual properties.

Saratoga Springs Resort Spa is designed after the eastern New York resort that attained international media and industry recognition in the early 1900s for its native mineral springs.

While Disney reports continued success with its vacation ownership properties, the company does not have a new construction date for the half-completed, 5,700-room Pop Century Hotel, shut down last year during the continued national economic malaise. The Pop Century would be the largest hotel Disney ever built.

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