The move comes despite the recent decision by the city of Bloomington and its planning staff to reject requests for tax increment financing that would have totaled an estimated $20 million.
The Wirth Cos. recently closed on its purchase of the Decathlon property located at 1700 E. 79th St.
The firm hopes to create another "tourist mecca" in Bloomington by including innovative features like America's Biggest Indoor Water Slide Tower elevating about 10 stories over Interstate 494. The Wirth Cos. anticipates the new Grand Lodge Minnesota & Water Park of America project will open in the fall of 2005.
Wirth faces competition from a $150-million hotel-resort project's cost that is part of Bloomington Central Station, a proposed $600 million project that would include office space, residential housing and a 700-room hotel and resort that will feature a 60,000-sf water park. The 45-acre parcel of land will be transformed into the state's first transit-oriented development and a national model.
The developers of the project, Roseville-based McGough Cos. and "Famous Dave" Anderson, are planning Majestic Springs, a 700-room hotel with a $150 million attached water park, which is part of Bloomington Central Station, a 45-acre redevelopment that includes 1,000 condominiums and more than 1 million sf of office space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
