Waves Resort Corpus Christi on North Padre Island will soon be no longer available.
The water park’s owner, Diamond Beach Holdings LLC, posted a statement Thursday to the Caller-Times confirming its intention to demolish the park and adjacent 90-room hotel.
“After a lot of deliberation, we have come to the conclusion that the current structure and water park must come down in order to move forward,” the statement said. “With the new Park 22 Road Bridge under construction and the completion of the canal, we want to create a future environment that will improve Padre Island and what it has to offer.”
Removal of the attraction may make way for new development. Company spokesman Charles Duffley didn’t want to elaborate on it when he received a comment on Thursday, but said he plans to provide more information on Friday.
“Diamond Beach Holdings LLC has invested a lot of money over the past three years to ensure the property’s viability,” it said. “We will continue our commitment to this great opportunity for Padre Island, Corpus Christi and the region.”
What was once known as the Schlitterbahn Corpus Christi looked promising when New Braunfels’ parent company Schlitterbahn Waterparks & Resorts opened it on Padre Island in April 2016.
Diamond Beach Holdings, a subsidiary of the International Bank of Commerce, bought the resort in May 2018.
The resort is located on 22 Park Road between Commodores Drive and Compass Street and has been renamed Waves Resort Corpus Christi Featuring Schlitterbahn. It later became known as the Waves Resort Corpus Christi.
Diamond Beach Holdings acquired the water park when its previous owner, Upper Padre Partners, LP, failed to make payments of $ 16 million on a 2015 bank loan.
When purchasing the resort, Diamond Beach Holdings invested more than $ 15 million in upgrades, including upgrading the property’s conference and entertainment facilities, and added more than 30,000 square feet of indoor / outdoor space for special events.
A new open-air theater and performance stage were also installed.
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In May 2020, officials at the park announced that it would remain closed until May 2021 due to the effects of the global coronavirus pandemic.
In the fall of 2020, construction of a 100-foot-wide and 2,500-foot-long canal on North Padre Island, valued at $ 2.3 million, was completed. The waterway is slated to pass under the $ 18 million Park Road 22 Bridge that the city of Corpus Christi is building.
The channel is in partnership with Diamond Beach Holdings and Padre Island Holdings, LLC, also known as Axys Capital Credit Fund, LLC, based in Austin.
It runs between about 160 hectares of undeveloped land.
The waterway is part of a future canal that would connect Lake Padre east of Park Road 22 to the Padre Isles canal system west of the road.
Park Road 22 Bridge will be built about halfway between Commodores Drive and Whitecap Boulevard. According to a Caller Times story from 2020, construction should begin in October 2020 and be completed in August 2021.
Once the bridge is completed, the city says it will be a reconstructed four-lane road with pedestrian walkways and access to golf carts under the bridge that connects the east and west sides of Park Road 22.
A timeline of events
- April 5, 2011: Schlitterbahn officials confirm that Padre Island is being considered as a site for a water park development.
- February 28, 2012: The city council unanimously approves the zoning change from the tourist district for apartment buildings to a business district of the resort that can be upgraded 112 acres west of 22 Park Road to the water park.
- May 22, 2012: The city council unanimously approves a $ 117 million incentive agreement. According to the agreement, the company must begin construction within nine months of approval and the first phase of the park must be completed within two years of the groundbreaking.
- February 15, 2013: Officials lay the foundation stone for the $ 41 million water park resort and set a tentative opening date for March 2014.
- January 2014: Jeff Henry, a partner in Schlitterbahn, says the water park will open in summer 2014.
- May 28, 2014: Henry is postponing a planned “soft opening” on May 31st to June 20th.
- June 18, 2014: Henry says a soft opening on June 20 would also be delayed until “Spring Break 2015”.
- January 16, 2015: The Schlitterbahn is asking the city to extend its agreement on tax-financed incentives.
- February 10, 2015: The city council approves the extension of the incentives for the project.
- April 2016: Grand opening of the park.
- May 2018: Diamond Beach Holdings LLC buys the resort.
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