Operating under the name Ocean Shores Aquarium LLC, the project's sole developer is Jerry West. West says the plan is to break ground this May and complete the project by June 2004. A conceptual site plan has been completed as well as an environmental assessment and a traffic impact analysis. Still to be obtained are the necessary development permits and financing.
The aquarium would cost $15 million to construct. The hotel-time share building and water park complex would cost $30 million. The cost of the land is around $2 million. West has retained Seattle-based Capital Access to source financing for the project.
The property has been publicly owned since the establishment of the community in the 1960s. The site was the original location of the municipal airport and five holes of the city's golf course. The airport was moved east to its current location in 1982 and four of the five golf holes would be relocated using revenue from the sale of the property.
The timeshare-hotel would consist of 100 two-bedroom units constructed according to the standards of RCI Gold Crown, which manages the accumulated points timeshare holders spend on vacations around the world. The timeshare-hotel would also include a 5,000-sf premium restaurant, two smaller coffee shops totaling 5,000 sf, 20,000 sf of specialty retail space, a mini-market, a therapeutic spa, four indoor tennis courts and a fitness center.
In his executive summary to the Ocean Shores City Council, West says he expects the timeshare units will be sold out over a seven year period, or less, at prices between $13,500 and $15,500. He anticipates the hotel will have an average occupancy of 42% and an average daily room rate of $100, though a feasibility study is underway by RCI that will determine final pricing.
In addition to the purchase and sales agreement with the city, Ward has retained Mithun Architects for the hotel design and Windward Design for the aquarium and water park. Tacoma-based ABHL will handle project engineering.
David Saunders, an economic development specialist working for the city on a contract, tells GlobeSt.com he began talking with West in the fall of 2001. By early 2002, Saunders says West had expanded plans from a timeshare-hotel to an aquatic-themed resort that would take advantage of and complement the city's existing tourist business.
West says in the executive summary that he "conservatively" estimates 400,000 annual paid attendances ($12.50 for adults, $8 for children) to the aquarium and 300,000 annual paid attendances ($10 per person) to the water park.
Ocean Shores is home to five existing timeshare resorts, four of which are affiliated both with RCI and Interval International. All told, there are 1,200 hotel rooms available in Ocean Shores, placing it 11th in the state in terms of lodging revenue behind the likes of Seattle, Bellevue, Tacoma, Spokane and Bellingham. In terms of growth in lodging revenue, Ocean Shores ranks 5th in the state with an average annual increase of 11.2%.
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