Just got off the phone with the media guy from Schlitterbauhn. They have purchased a Skyventure tunnel for Cedar Park.
I'll believe it when I see it. These guys are known in the San Antonio area (nothing to do with tunnels) to talk it up just to see what kind of interest there is. It would be great to have and i hope it happens but it just doesn't make sense business wise. I'll bet there's a due diligence clause in the contract.
I watch the tourist industry in Texas like a hawk. It is my lively hood and my future depends on it. Although in time I believe it will rebound, tourism in Texas is down as much as 50% from last year. I also know some details that I am unwilling to discuss on a public forum. Like GR2 said. Let's check back in 2 years.
I saw a crew in the field Schlitterbahn bought when I was driving past the other day. No telling what their layout plans look like, but they had what looked like survey tools. maybe just site prep, but at least it looks like it's moving forward.
Yup, aka the Schlitterbahn people. Aka some where near New Braunfels.
The only other location in Texas that would have half a chance is in Arlington, preferrably off of 360 with in a couple of miles of Six Flags, the Ball Park, Wet-n-Wild (or whatever its called now), the convention center and the airport. All of those things are really close together there and I honestly think that would be the best spot in Texas. Even though its a bit over 3 hours away from me.
If only they would. I'm 25 minutes from there. I am dieing for some tunnel action!
I live in Round Rock, not far from Cedar Park. We were just talking about the new Schlitterbahn park today. Coincedently, I was just looking for a tunnel in Texas. Glad to hear one is being planned for the park! It would be a great place to learn some FF skills before getting current again.
By the way, every time I look at the name "Schlitterbahn" I read "Shitter-barn"! I'm just sayin'.
I actually did see a survey crew this week in the field where it's supposed to go up. I drive past the area almost every day. I've no idea when any construction will start, but at this point, with the planned phase one opening 18 months off, I'd bet the schedule is going to slip.
It's not only going to slip off schedule, it's going to slip away. It's not going to happen IMHO. The only way I see it happening is if some rich guy builds himself a toy and the Henry family doesn't operate that way.
A year after announcing plans to build a $360 million water resort in Cedar Park, developers are still seeking the funds to finance the first phase of the project, said Rick Redmond, a partner in the Schlitterbahn resort development.
Changes in bank loan regulations have made acquiring a loan more difficult and created more risk for developers, Redmond said in December.
As a result, the $75 million phase one could be reduced to $45 million, he said. The first phase is still projected to open in May 2012 near FM 1431 and Parmer Lane.
An estimated $6 million in city incentives hinges on timetables for the project’s construction. The incentives would reimburse developers for the cost of public infrastructure improvements that would benefit the city, Redmond said. Additional reimbursements are available for a capped amount of the taxes generated by the park based on how it performs.
The timetables can still be met, but the likelihood narrows as time passes, Cedar Park Economic Development Director Phil Brewer said.
Developers began raising funds in April and expected it would take six months, but they have encountered difficulty finding favorable loans, Redmond said. In past years, developers would raise a small portion of a project’s cost and use a bank loan for the rest.
Redmond said that banks are requiring developers to agree to recourse loans, which allows a bank to go after a developer’s personal assets if the loan defaults, rather than foreclosing on and selling only assets involved in the loan.
Finding investors has not been challenging, but finding investors to sign a recourse loan has, Redmond said.
“Until we get our funding, we can’t build the project. I think it’s just delaying us a little bit, but we’re still working at getting it done,” he said. “The good news is that the area we’re in—Texas and specifically Cedar Park—is one of the best areas to get a project like that done.”
Partners formalized the project with city officials in January 2010, but final plans depend on funding and the park’s success, Redmond said.
The initial plan called for the 96-acre resort to be built in four phases at a cost of approximately $355 million. The plans included a 16-acre convertible water park to be open by May 2012; a 230-room hotel, 45,000 square feet of retail space and a conference center.
A river walk system to connect attractions is slated to be built following phase one’s completion, along with 125,000 square feet of development to go with expansions of earlier phases.
CEDAR PARK — Securing financing for a Schlitterbahn water park in Cedar Park is more promising than a few months ago, and partners say they expect to announce an official timetable in a month or so. Earlier this year, developers found that financing Schlitterbahn Vacation Village in Cedar Park was tougher than expected, but they say things are now looking up.
though there are rumors of scaling back phase 1 (which was slated to have included the tunnel) so they could make the opening deadline of may 2012 to not forfeit the tax breaks from the city.
All I'm saying is that schlitterbahn, who originally announced plans for a tunnel in phase I of their proposed new park in CP, has announced the end to their funding woes and intends to move forward with the project.
Why do you say no tunnel? Just a negative vibe? Or other information you're not sharing?
I personally know the family that owns Schlitterbahn and hence the Cedar Park project. There is a lot going on within that circle that is not conducive to the project moving forward to the point of a tunnel. To answer your question it's both.