Ever wonder what occupies the mind of a person who writes about real estate for a living? Well, believe it or not, lately I've been ruminating about the Walt Disney Co. No, I don't have small children. Nor do I plan on visiting any of the company's theme parks in the near future. My parents lived in the Orlando area, and my kids, who are both adults now, had been to Disney World more times than they have fingers. If I don't again step foot in a Disney theme park for the rest of my life, that's just fine with me. So, then why am I dwelling on the Disney company? The short answer is, they are so contrary in real estate developments I can't quite figure out if they're brilliant strategists or they live in their own Fantasyland. Two corporate announcements earlier this year caught my eye. First, Disney reported it would build its first stand-alone resort at Kapolei, Hawaii, about an hour west of Waikiki. This was a particularly aggressive investment (359 hotel rooms, 481 timesh...
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