Walt Disney Parks & Resorts (NYSE: DIS) announced today that the company has finalized plans to purchase 21 acres of oceanfront property on Hawaii's island of Oahu.

The property, located on the island's western side in the picturesque Ko Olina Resort & Marina, Honolulu's premier resort destination, will be home to Disney's first mixed-use family resort outside of its theme park developments. The expansive resort, scheduled to open in 2011, will have more than 800 units including hotel rooms and villas for Disney Vacation Club, which is Disney's rapidly growing timeshare business.

The Disney Vacation Club is expanding by leaps and bounds.  Just a couple of weeks after announcing an addition to Disneyland's Grand Californian Hotel, Disney has confirmed that it will build an 800-unit mixed-use resort at Ko Olina. 

A 2003 article in the Pacific Business News details a proposed development plan between Ko Olina Resort & Marina  and Norwegian Cruise Lines.  At the time, the goal was to expand Ko Olina's Oahu-based marina to accommodate Norwegian's cruise ships and create a Disney-style development on land for guests.  Now Ko Olina may be poised to bypass the Disney-style project and go straight to the source.

An article in today's Honolulu Star Bulletin reports on a rumored link between The Walt Disney Company and the Ko Olina Resort & Marina.