Mall of America Unveils Revised Plan for "Mystery Cove" Water Park
In a recent move that captures the evolving landscape of leisure and entertainment industries, the Mall of America has put forward a revised proposal for a 143,000-square-foot water park to the Bloomington City Council. Dubbed "Mystery Cove," this ambitious project aims to feature an array of attractions, including 30 slides, a lazy river ride, a wave pool, and a family splash pad. This new proposal comes in slightly more modest than the initial 250,000-square-foot design, responding to the challenges posed by surging interest rates.
The total investment estimated for the completion of "Mystery Cove" stands at $373 million, with a significant portion, $213 million, expected to be covered through private financing. An additional $160 million in public assistance is proposed via tax increment financing (TIF), highlighting a public-private partnership approach to bringing this project to life.
Designed to accommodate approximately 3,000 guests, "Mystery Cove" emphasizes sustainability and operational efficiency with plans for a retractable roof. This innovative feature ensures that the water park can adjust to varying weather conditions, enhancing the guest experience year-round.
The Bloomington City Council and the Port Authority Commission are gearing up for a crucial vote on this project in mid-April. If approved, the groundwork for "Mystery Cove" could kick off by spring 2025, with an eye on welcoming guests by late 2027.
Despite the excitement surrounding this venture, concerns linger within the Port Authority regarding the financial commitments the city might undertake. The emphasis is on minimizing potential risks associated with the financing of the project, ensuring that "Mystery Cove" not only becomes a landmark attraction but also stands as a testimony to responsible fiscal management.
As the Mall of America ambitiously seeks to chart a new course in entertainment, "Mystery Cove" represents a significant leap towards blending leisure, sustainability, and community engagement. The project's success hinges on strategic financial planning and the ability to allure visitors looking for unparalleled fun and adventure.
Analyst comment
Positive news: Mall of America unveils revised plan for “Mystery Cove” water park, highlighting a public-private partnership and emphasis on sustainability. Market forecast: The market is likely to respond positively to the revised plan, with increased interest and investment expected.
