The Walt Disney Company is stepping further into residential real estate, unveiling new details for a 4,000-home community outside Raleigh as housing supply remains constrained across the U.S.
The development, called Asteria, will span roughly 1,500 acres in Chatham County and include a mix of single-family homes, condos, duplexes and apartments. Plans also call for a 55-plus component, adding to a growing share 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 hub planned as part of the first phase of development. The name is a nod to the Peter Pan universe, and while the development won’t be built around Disney characters, the company is incorporating some franchise thematic touches through design and programming. The club will include dining, wellness and event space organized around a central lawn, along with parks and trails.
Preston Development Co. leaders Tim Smith and Bubba Rawl told the Triangle Business Journal 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.
Though not a conventional homebuilder, Disney isn’t new to housing development. The company built Celebration, Florida, in the 1990s, a master-planned community near Orlando that eventually grew to more than 10,000 residents. Its current push comes at a different moment, one 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 is focusing 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 stepping into housing as demand continues to outpace supply, a trend that has drawn in companies well outside real estate, including Costco, which has explored residential development tied to its retail footprint.
Disney is not competing with high-volume builders like D.R. Horton or Lennar, but at 4,000 units, Asteria is a meaningful addition to supply and a signal that branded, master-planned communities have a role in reducing the nation’s well-documented housing shortage.
