BizJournals reports that Bloomington officials have refined plans for a $230 million water park that would be attached to the Mall of America.
The water park was first proposed in March by Triple Five Group, a conglomerate that owns and operates Mall of America and a range of other properties. The land by the mall is owned by the City of Bloomington and the proposed park would be as well, with Triple Five Group operating and managing it.
The water park will be built at the north of the Mall of America, on the large surface parking lot east of the IKEA store. It will be larger than originally proposed at 250,000 square feet. The estimated price has also increased to between $230m and $250m.
A nonprofit organization would own the water park, which would allow the water park to avoid paying property taxes.
Construction could begin in late 2019 and end in 2021.
DLR Group has done preliminary design work and Ryan Cos. US Inc. has been helping the Port Authority with pricing.
The Triple Five worldwide group of companies are real estate, hotel and shopping mall owners and operators.
The group has become synonymous with the concept of retailtainment – combining retail with high class attractions for over 30 years.
Last year, Blooloop spoke to Don Ghermezian, President of Triple Five, about how this family-led group is not only surviving, but thriving, in a tough retail climate.
Image courtesy DLR Group via Bloomington Port Authority