"It was a multimillion-dollar deal," says Joseph Buralli, a managing member of Waterpark H2Otels. The firm plans to construct a 14-story building with a hotel, condominiums and an indoor and outdoor water park.

Sun Island Hotel Water Park will have between 490 to 506 keys with approximately 395,000 sf of hotel rooms and condominium units in the 525,000-sf building. The rooms are still being configured and there may be some "ultra large suites" for families, he says. The hotel will be managed by Columbus, OH-based FLG Hospitality, formerly known as Focus Lodging Group LLC. FLG Hospitality will also co-develop the project. The hotel brand has not been determined yet. "We are in negotiations with two different flags right now," he says.

The upper six floors will have approximately 200 condominium units with between 1,500 sf to 1,800 sf and three separate entrances to the hallway. The units will be sold for "approximately $199,000 and up." Condominium owners will "have the option to enter into a rental program operated by the hotel and, by doing that, they would have a revenue share with the hotel," Buralli says. Condominium owners will not have a limit on the amount of days per year they can stay at the park but they will not be able to live there as a resident, receive mail there or send their children to school from there, he says. The developer is receiving "non-binding letters of intent" for the condominium units and will begin taking deposits in about 90 days, he says.