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Sleeping Beauty’s Castle has greeted generations of visitors to Fantasyland since Disneyland opened in 1955. The castle is the park’s enduring icon. 

Walt Disney Co. has another big-money investment in the works at the Disneyland Resort, submitting plans Friday to build a 350-unit timeshare project adjacent to its Disneyland Hotel.

A subsidiary of the Burbank, California-based media giant filed an application with the city of Anaheim to remove a hotel laundry facility and other behind-the-scene structures to make room for the 12-story, 280,000-square-foot development. Disney representatives declined to estimate construction costs or when the project might open.

The project would not be the first timeshare at the Disneyland Resort. The Grand Californian Hotel & Spa, one of three company-owned hotels near Disneyland and Disney California Adventure, includes 71 timeshare units.

Most of the 15 existing timeshare developments, known as Disney Vacation Clubs, are located near the Walt Disney World Resort in Florida. There’s also a club in Hawaii and one in South Carolina.

Next month, Disney plans to open a 16th timeshare project in Florida, a European-themed project dubbed Disney’s Riviera Resort. During its most recent earnings report, Walt Disney Co. attributed part of a 17% increase in income to a boost in sales at the Riviera resort.

The timeshare project announcement in Anaheim comes only months after Disney opened its $1 billion Star Wars expansion in the Disneyland park and less than a year before a new land dedicated to the superheroes from Marvel comics and movies is scheduled to open at the nearby Disney California Adventure Park.

“We look forward to working closely with the Disneyland Resort, the city of Anaheim and engaging our neighbors on this project, which would also create new jobs and spending in the community, as well as generate additional revenue for the city,” Terri Schultz, senior vice president for Disney Vacation Club said in a statement.

The timeshare announcement also comes about a year after Disney pulled the plug on plans to build a luxury hotel in Disneyland Resort’s shopping district, citing a feud with Anaheim officials over tax subsidies that Disney was expecting to collect from operating the hotel. The dispute centered on a $267 million tax break that the Anaheim City Council approved in 2016 for a 700-room hotel but withdrew last year after Disney changed the location of the planned hotel.

Disneyland officials said the decision to build the Disney Vacation Club project in Anaheim was not tied to the aborted luxury hotel project.

A timeshare membership with Disney Vacation Club starts at about $19,000, plus monthly dues of as little as $66. The membership prices and monthly payments vary based on how many days a member stays in a timeshare unit each year and the size and location of the unit. The membership does not include admission to the theme parks.

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