Disney to build "Asteria" neighborhood in the Triangle

Why it matters: The community will form a significant portion of the planned Chatham Park development, which is the brainchild of the Cary developers Tim Smith and Julian "Bubba" Rawl.

• When it's completed over the next two decades, Chatham Park — located around 30 miles west of Raleigh — is anticipated to be home to 60,000 people.

Details: The neighborhood, which will host Disney-themed activities and events once open, will include 4,000 housing units in both single-family homes and apartments.

• A portion of the homes would be reserved for people over 55 years old.
• Other amenities expected to be built include: a gym, restaurant, swimming pools and a community garden.
• Home sales are expected to begin in 2027.

The big picture: Residential communities are a new line of business for Disney, which announced its first last year.

• The communities, designed by Disney's research-and-development teams, are an effort to extend its theme-park businesses into new areas, the Wall Street Journal previously reported.
• It's the second Disney-backed community to be announced in the U.S. after one in Rancho Mirage, California.