Kalahari Resorts to Build Resort and Water Park in Round Rock
Big things are happening in Round Rock. Among all of the business expansion and development, Kalahari Resorts has announced that they will be building a resort and water park in Round Rock. Here are the details about the real estate deal and about the new water park itself.
$350 Million Deal Plus Incentives
Wisconsin-based resort company Kalahari entered into an agreement with Round Rock officials. According to this agreement, Kalahari must invest at least $350 million into the Round Rock park and they must also hire at least 700 employees to staff the new park.
In exchange, the Round Rock City Council approved a couple of major incentives. First, some of the development fees for the new park will be waived. Additionally, Kalahari will receive some tax rebates on the park.
The Round Rock City Council, for their end of the bargain, has agreed to several conditions. They will be building a massive convention center totaling 150,000 square feet using $40 million from bonds. Additionally, Round Rock City Council will use $30 million in bonds to make necessary upgrades to highways that will experience increased traffic. All bond money will be repaid through tax revenue that Kalahari generates in Round Rock.
To sweeten the deal for Round Rock, Kalahari agreed to the city’s purchase of the land for the new resort. Round Rock will lease the land out to Kalahari, according to the agreement, for a maximum of 99 years.
About the New Kalahari Resort
According to Kalahari, the new resort is slated to open sometime in 2020, and like their parks in Wisconsin, Pennsylvania, Ohio and the Poconos, it will be among the world’s largest indoor water parks. The park and convention center will rest on 351 acres, with the water park itself utilizing 200,000 square feet.
Additionally, Kalahari plans to construct a 975-room hotel, which would make it one of the largest hotels in Austin. Nearby, the Fairmont Hotel is currently in construction. When complete, this will add another 1,048 hotel rooms near to the park, as will the JW Marriott, another nearby hotel that boasts 1,012 rooms.
In just a few years, both Round Rock residents and their city council will have access to one of the world’s finest amusement parks. Between the new attraction and the increase in tax revenue, the future of Round Rock is looking bright.