Search
 

$28M Water Park Lease Talks Begin

GALVESTON, TX-The city and developer, Schlitterbahn Waterparks, go to the next level after four years of discussing the 25-acre project. If all goes well, the park will be open for business in summer 2004.

By Jennifer Brenner Andrade | Updated on September 01, 2003

GALVESTON, TX-The local business community is braced for the positive for a proposed $28-million Schlitterbahn water park as city officials head into negotiations for a 30- to 40-year ground lease. The city and park developer have been discussing the project for four years.

A spokeswoman for Schlitterbahn emphasizes the proposal is not a done deal, but most would agree that it will come to fruition. The water park, if approved, will begin construction in spring 2004 so it can open in the summer on 25 acres adjacent to the Moody Gardens entertainment complex, just south of the Interstate 45 entrance to the island. The council last week directed the city manager to begin ground lease negotiations.

The water park site sits in the bounds of Scholes International Airport, the benefactor of any lease proceeds. Six of Schlitterbahn’s acres are leased to Farmer Marine Cooper, which has agreed to sublease the land, says Hud Hopkins, airport director. An 8,000-sf repair shop will be razed while a 12,000-sf former military hangar could end up renovated and part of the park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.