Work is set to begin in January on the project that is expected to take several years to complete.
Plans for a hotel were scrapped and instead, more shopping, dining and entertainment options are coming.
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Some existing businesses will be demolished to make way for the project, including the Earl of Sandwich shop, Sugarboo store, a Starbucks and the former AMC Theaters.
Disney Parks officials say the renovation project is part of a development agreement with the city of Anaheim.
The Walt Disney Co. is the parent company of ABC7.