Disney outlines plans for a community of 4,000 in North Carolina

The Walt Disney Company moves further into residential real estate, reveal new details for a 4,000-home community outside of Raleigh, as housing supply in the U.S. remains limited

The project, called Asteria, will span approximately 1,500 acres in Chatham County and include a mix of single-family homes, condos, duplexes and condos. The plans also require an over-55s component, contributing to a growing proportion of age-targeted housing within large master-planned communities. Home sales are expected to begin in fall 2027, with move-ins taking place a year later, the company said.

The community will center around the ‘Second Star Club’, a large amenity center planned as part of the first phase of development. The name is a nod to the Peter Pan universe, and while development won’t be built around Disney characters, the company is integrating some thematic franchise touches through design and programming. The club will include dining, wellness and events space organized around a central lawn, along with parks and walking trails.

Preston Development Co. leaders Tim Smith and Bubba Rawl told the Triangle business diary that they estimate Disney has already spent about $30 million on the project and could exceed $100 million by 2028, largely tied to infrastructure and amenities.

While not a conventional homebuilder, Disney is not new to home construction. The company built Celebration, Florida, a master-planned community near Orlando in the 1990s that eventually grew to more than 10,000 residents. The current impulse comes at a different time, defined by a persistent housing shortage and rising demand in fast-growing southern markets, including North Carolina’s Research Triangle.

Asteria is part of Disney’s Storyliving initiative and is being developed with DMB Development and Preston Development. Disney focuses on design, amenities and community programming, while third-party builders handle construction and home sales.

But for agents, the significance of the new development goes deeper than the Disney name. The project reflects how nontraditional players are entering the residential construction space as demand continues to outpace supply, a trend that has attracted companies far outside the real estate industry, including Costco, which has explored residential development tied to its retail footprint.

Disney isn’t competing with large-scale builders like DR Horton or Lennar, but at 4,000 units, Asteria is a meaningful addition to its lineup and a signal that brand-focused, master-planned communities have a role to play in reducing the country’s well-documented housing shortage.

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