Recent Market Data For North Padre Island

North Padre Island Real EstateDID YOU KNOW??

INTERESTING FACTS ABOUT PADRE ISLAND AS OF MARCH 1, 2013

Waterfront Homes / Lots

There are currently 1,917 waterfront homes built on Padre Island.

There are only 189 waterfront lots left to be built on, on Padre Island.

Water Access Homes / Lots

There are currently 1,336 water access homes built on Padre Island.

There are only 1,017 water access lots left to build on, on Padre Island.

If you are even thinking about owning or building on Padre Island in the next 6-12 months we feel there is some urgency as to atleast get fully informed about the current market.  As all the new commercial developments continue here, the cost of Real Estate could go up dramatically within 24 months.  We are here to answer your questions and help you to secure your spot in Paradise, Give us a Call Today at (361) 949 – 0101.

Data provided by Corpus Christi Association of Realtors.

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Schlitterbahn is a very GREEN Company!

Give him time, and Jeff Henry may one day find a patent on raindrops.

The creative force behind the Schlitterbahn water park success story, Henry knows the value of water and has no problem explaining to a drought-parched city like Corpus Christi how a water park like his will not be a drain.

It’s a skill cultivated through more than four decades of developing, designing and opening water parks in a variety of conditions, including in times of drought.

His family’s first park — Schlitterbahn New Braunfels — grew during a drought that had the park’s wellspring, the Comal River, on the ropes.

“In ’84, we became very cognizant of water usage because we were worried the river would run dry,” Henry said.

So they learned to build closed-loop systems, fill them once, and channel them into a variety of purposes, filtering the water as they go.

Now, Schlitterbahn is building a $41 million water park in Corpus Christi, set to open in summer 2014. What few counted on is a drought that weather experts say is going to tighten its grip on the city’s fast-sinking reservoirs.

In an average year, Nueces County gets between 30 inches and 34 inches of rainfall, according to weather records. In 2011, rainfall dipped to fewer than 13 inches. It inched back up in 2012, to 18 inches.

As of Friday, the city had received 1.92 inches of rain since Jan. 1.

Inflows to the reservoirs total more than 724 million gallons through the first three months of the year. That is enough water for about 4.5 months, based on the city’s annual consumption.

The combined level of the city’s reservoirs stood at 35.4 percent of capacity as of last week. The level could dip below 30 percent sometime in June or July, according to city water planners, which would put the city into Drought Stage 3.

Should the city enter stage 3, the Schlitterbahn park would be subject to the city’s conservation plans. Another wrinkle resides in a city ordinance that allows the city manager to curtail all new water connections during a stage 3 drought.

Master plans call for a resort hotel to go with the park, but the park will be built first.

If business owners near Schlitterbahn’s master plan were in the beginning concerned that the park will use more than its fair share of water, the concerns have been addressed, said Stan Hulse, executive director of the Padre Island Business Association.

Hulse said with one deluge, water consumption could become a moot point.

“Although we are in a drought situation, there’s no way of predicting it will be the case when they fill the park,” Hulse said.

But Henry isn’t waiting on it to rain.

He does not need to.

TRANSPORTAINMENT

It is a lot easier to get into than out of the water flowing around the Pirate’s Cove at Schlitterbahn South Padre Island.

The cove, a new indoor-outdoor section of the park, is surrounded by a 3-foot deep river with a current meant to be enjoyed but strong enough to get what it wants.

The current is the product of unseen pumps and a sump that continuously fills and then releases the more than 750,000 gallons of water coursing through the system.

The river also is the wellspring of the rest of the cove. It feeds the two corkscrew slides and a children’s watergarden nearby, plus two wave pools, a heated lagoon and swim-up bar.

Video: Schlitterbahn: Wasser, wasser everywhere

 

The river helps accomplish the goal of keeping the water inside the park and the guests inside the water.

The concept is called Transportainment, trademark, and it is the liquid backbone of an entire business model predicated on doing more with less.

And over it all is a retractable greenhouse canopy — purchased secondhand from the San Antonio-based Schulz Nursery — that shelters guests from colder weather and allows the park to operate when others are closed.

The canopy saves energy costs by trapping warm air inside the park, which in turn keeps water temperatures comfortable.

There is another benefit.

As warm air rising from the park meets the cold surface of the canopy, condensation can develop.

“It actually can rain in here,” said Jack Soto, director of operations for the South Padre Island park, during a recent tour.

Eric Hansen, an architect who has studied water consumption in water parks on behalf of the Hotel & Leisure Advisors, a national hospitality and consulting firm, said though it may be counter intuitive to think of a water park as a conserver, the data backs it up.

“Water is a bottom line consideration for a water park, as much or more than other leisure businesses,” Hansen said.

Henry said it takes about 2.5 million gallons — the equivalent of about 100 swimming pools — to fill the average Schlitterbahn park. The city’s largest commercial water user, a power plant group, consumes 70 million gallons a year.

“Some is lost to evaporation, but that’s it,” Henry said.

Water used to clean water filters — called backwash water — is captured and stored to irrigate the drought tolerant landscaping.

Both Schlitterbahn and Hurricane Alley — the only water park now in operation in Corpus Christi — played it close to the vest on actual water consumption.

Hurricane Alley did not provide information and the city could not provide it because of a privacy clause on water consumption between Durrill Properties, which owns the park, and the city, said Kim Womack, spokeswoman for the city of Corpus Christi.

Schlitterbahn would not provide specific data on average daily water consumption at its water parks and resorts.

According to Hansen’s study, a 100,000-square-foot water park resort might consume up to 160,000 gallons of water per day.

If the resort was located in Corpus Christi city limits, 160,000 gallons per day translates into a minimum utilities tab of $12,000 a month, based on the city’s commercial rate.

But when broken down by per capita use per day, a water park may actually consume less than a residential home, based on another study by Hansen.

Using two parks as examples, Hansen calculated that a water park guest will consume about 40 gallons per day. A single family residence, which could include several people, may use 70.

“In the overall water park water system, the maintenance and topping off operation accounts for 2 percent to 3 percent of total water use on a daily basis,” Hansen wrote in his report. “In other words, a water park is reusing approximately 97 percent to 98 percent of its water system.”

Hansen said a golf course, by comparison, averages between 300,000 and 500,000 gallons consumed a day, according to the study.

“The idea that a water park is a big water consumer is false,” Henry said. “The truth is, it is actually a water conservator.”

LIQUID DNA

The water park also has no guarantee on water from the city, said Winter Prosapio, Schlitterbahn’s corporate communications and government relations director.

“We depend on water just like anybody else,” she said. “But for us, it’s a codependency. It’s in our DNA — we were built on a river.”

Because there are no guarantees, Prosapio said the company has a contingency plan of operations for drought restrictions.

The parks feature drought-resistant landscaping, river-ride basins and tube walls extending far above the water line. In New Braunfels, the park has a permit from the state to drawn water from and return it to the Comal River.

On windy days water lines to landscaping and water fountains are shut down to reduce waste.

And every employee is drenched in water-conservation principles, said Soto of the South Padre Island park.

“Everyone, even life guards, are taught the importance of water conservation,” he said.

No specific design plans have been released, but every park follows a basic pattern and the Corpus Christi location will be hewed from its predecessor on South Padre Island, Prosapio said.

There will be a “Master Blaster,” a “Boogie Bahn” and a tidal river, which all are signatures of the Schlitterbahn plan, she said.

But from there, it is anyone’s guess.

“(Jeff Henry) is so creative,” she said. “He can change on a dime.”

An inventor and world-renowned park designer, Henry’s park design company, NSBG International, has introduced the Transportainment model at the Wild Wadi Water Park in Dubai, where it rains less than a half inch a year.

He has patented a variety of water park technologies for everything from a polymer coating on rides to water propulsion devices.

Such dedication to reusing and recycling trickles down through the entire organization, said Michael Bigelow, director of marketing and sales at Schlitterbahn South Padre Island.

“Jeff is always looking for ways to protect the environment,” Bigelow said.

A FLUID VISION

So Henry is impatient with the idea that a water park will not carry its weight in water for the community in which it is located.

“All water is borrowed water,” he said, invoking a mantra his employees have come to appreciate.

The system of pumps and filters — including two the size of compact cars — that serve an area of the New Braunfels park similar to what may be seen in Corpus Christi, recirculate more than 100,000 gallons an hour, during peak times, said Ace Horan, maintenance director at Schlitterbahn New Braunfels.

Leaks and drips are addressed by the small army of maintenance workers who swarm the park, Horan said.

“We are pretty hysterical about it,” he said “It is in our best interest to conserve as much of it as we can.”

Henry said Schlitterbahn has a strong bond with its communities.

“This Schlitterbahn will be built and belong to the people of the city,” he said. “We are caretakers of the land and the water, and our job is to be good stewards and manage it.

“I work for the people that buy tickets — those are my shareholders — not the guys that put a few million in,” he said. “They’re just facilitators applying their wealth back into the community.”

Henry, who blends Warren Buffett’s focus with Jimmy Buffett’s style, said he is not in it to conquer the world or waste its resources.

“We don’t believe in building things for ourselves to amass wealth,” he said. “We build it for everybody and that money should be plowed back into the community to create more.”

The bottom line, Henry said, is the satisfaction in seeing families set aside their tablet computers, cellphones and daily stresses and just have a little fun.

“Everybody needs a swimming hole, even in a drought.”

via Caller Times

FORBES: Corpus Christi a top City Leading Real Estate Recovery!

corpus christi homesWe are excited to report that FORBES magazine earlier this month listed Corpus Christi as the 9th City that is leading the Nations Housing Recovery!

“This February is by far the best we have seen in the past 5-6 years, if this keeps up we will shatter last year’s numbers for sure” Realtor Cheri Sperling said.

The survey in Forbes was conducted on all metropolitan cities that exceeded the rest of the country statistically. Corpus Christi ranked ninth among 146 cities nationwide, with its low unemployment and median housing prices. The highlight of the article was that our real estate appreciation in the area grew 3.18 percent in 2012.

“We had a pretty good year in 2012,” Corpus Christi Association of Realtors President and CEO Gary Doran said. “We’re recovering well.”

The area housing market had excellent success in 2012 since slumping back in 2007, according to the Corpus Christi Association of Realtors.

This Data, certainly tells the story.

Median sales price of a home sold in the Coastal Bend was $142,500 in 2012, an increase of 5.6 percent from 2011 prices.

As 30-year fixed-rate mortgages dropped to 3.88 percent, Corpus Christi experienced an increase of 16.8 percent in units sold in 2012.

When the housing bubble busted in 2007 with a massive credit expansion and subprime loans were given to buyers who were at much higher risk of defaulting. CCAR had lost almost half of its 1,500 members by 2011 after the market had an incredibly slow year.

“Numbers in inventory were extremely low in the MLS, and I remember speaking to many realtors who couldn’t not make a living and had a very difficult time paying their bills,” Cheri Sperling, said.

Today the market has shifted to benefit sellers, with some buyers having houses swept away from them after making an offer.

Cheri Sperling attributes the increase in our housing market to news of Schlitterbahn Water park, increase in inner Texas cities beginning to see Corpus Christi as a great 2nd home destination and of course the expansion of Eagle Ford Shale oil and gas exploration.

The influx of people has brought the rental management side of my business to be at near capacity to almost full, with leased property staying on the market for very short periods of time, Sperling said.

“As our rental prices and demand goes up, it makes it a better market to buy, particularly in many of our dry and waterfront lots” she said.

Residential Home Sales in the Coastal Bend

Category 2011 2012

Homes sold 3,640 4,249

Average sales price $156,751 $170,191

Average days on market 109 120

Median sales price $135,000.00 $142,500.00

30-year fixed rate mortgages 4.25 3.88

Source: Corpus Christi Association of Realtors

Schlitterbahn Beach Country Resort – Ground Breaking!

It’s official. The planned $41 million Schlitterbahn Waterpark is one step closer to becoming a reality. A groundbreaking ceremony was held Friday on Padre Island.

Kiii News Reporter Bill Churchwell went Live from the Padre Isles Country Club with the details.

There was plenty of excitement from the crowd as they watched the mayor and the owners of Schlitterbahn break ground with golden shovels and construction equipment.

For the first time, we were able to see what the waterpark will look like, as an artist rendering of the 65-acre project, including rivers, rides, slides, surf and lodging, was put on display. It will be the fifth waterpark built by the family-owned and operated Schlitterbahn.

“This park is going to be our newest, most modern, prettiest, best park we’ve ever built,” said Jeff Henry of Schlitterbahn Waterparks.

“We’ve had our eye on Corpus for a long, long time,” said Robert Henry, also of Schlitterbahn Waterparks. “We had to develop our techniques to a finer point. Takes a lot of time and money. We’ve waited for Corpus to grow up to it, and I believe you’re there.”

Early during the development, there was some concern that the country club and golf course would be removed, but that will not be the case. It will remain in place, and it will be improved.

Schlitterbahn plans to open by March of 2014.

SCHLITTERBAHN BEACH COUNTRY RESORT MAP (CLICK HERE)

PHOTOS FROM THE GROUND BREAKING CEREMONY!

Breaking News on Schlitterbahn Corpus Christi

BREAKING NEWS:

Schlitterbahn

is breaking ground Friday at 2 pm for its new water park resort on North Padre Island.
Water park resort officials are expected Tuesday to finalize the land purchase and project financing, said Jeff Henry, co-owner of Schlitterbahn.

A couple weeks ago, the city granted a grading permit for the project, which allows the project to break ground. However, full construction permissions have not yet been granted, according to Mark Van Vleck, director of city’s development services.

Schlitterbahn had until the end of February to break ground in order to meet their $117 million economic development incentive with the city.

The $41 million resort planned west of Park Road 22 tentatively is set to open in March 2014. Early designs showed the project would include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing golf course and tied into a master plan for the area that includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes on about 500 acres of mostly undeveloped land.

Via. Caller.com

Come join the fun Islanders, we will be there with cameara’s documenting this momentous occasion.  As North Padre Island makes its biggest leap in the 21st century, we still can’t believe it’s here.  Thank You to all of you that kept your vision…the day is almost here!! ~Cheri

FREE SCHLITTERBAHN MAP & PROJECT DETAILS

Schlitterbahn Update January 28th 2013


 
According to Schlitterbahn coowner Jeff Henry, the half-billion dollar Schlitterbahn Waterpark in Corpus Christi’s Padre Island is set to have a groundbreaking any day now.

The company has to begin construction by Feb. 22 as part of the deal Schlitterbahn has made with the City of Corpus Christi. The City has agreed to give the company $117 million in incentives to build the park on Padre Island on the site of the only golf course there.

The City said everything is now in place to get construction going.

Henry said  by phone that he is just waiting on a few legal issues to be wrapped up before breaking ground.

“Everything that they have done with the City is in line with accomplishing that goal,” Henry said. “They do have grading permits and are working to get everything going, so I anticipate something going soon.”

The park is set to open by March of 2014.

We are very excited here on the island to see this come to fruition, you can bet once they break ground we will be there capturing the moment and raising a glass to celebrate the biggest project ever to hit North Padre Island, Tx.
~Cheri Sperling

 
KiiiTV3.com

SCHLITTERBAHN DEVELOPER “Everything is on schedule for Spring 2014 opening!!

LATEST NEWS: The park developer and part-owner Jeff Henry says all is on schedule.  “Our concepts for the park haven’t changed much.  We are close to groundbreaking, and it always takes the lawyers and bankers twice as long to do their work as it takes for us to build it.  All the money is in place, financing for the project is completed and is ready to go.  The plans are done but will change right up to the time we start building.  Once ground is broken, we will be working straight through to completion.”

Jeff Henry also said his crews have begun to build the equipment at their construction yard at their New Braunfels headquarters; those include some of the castles and other custom equipment that his crews have also built for their other parks.  He also said his crews usually take two weeks off in December and equipment should begin arriving at the Island site around the end of December or early January.

The $41 million resort will be located on a 65-acre tract that is currently the site of Padre Isles Country Club on Padre Island.  While no new drawings of the park have been released in almost a year, the concepts haven’t changed much.  You can see the plans on the website:  FREE SCHLITTERBAHN MAP

With the $177 million Incentive Agreement with the city of Corpus Christi, Phase I of the park must be finished by summer 2013.  The water park is part of a proposed $552 million master plan for Padre Island, which investors Willard Hammonds, Paul Schexnailder and the Henry family (owners of Schlitterbahn) are developing.

They are shooting for an opening by Spring Break 2014 but it will probably be May 2014 before it actually opens – but no later than the summer of 2014.  They won’t move any dirt until everything is ready, all the way around, and then they will hit the ground running.

Phase I of the build out will include the water park and about 20 or so overnight stay rooms.  “After that we will build out as the market allows,” Jeff Henry says.  “We will get the park open and then expand as the market stabilizes.  Once that happens we will go to Phase II immediately.”

He expects Phase I of the park to require the hiring of about 20 local contractors who will be selected from a group of about 1,000 already compiled.  “We are the general contractor and we are responsible for seeing to it that everything is right and on time.”

He said Schlitterbahn will not be hiring off a low bid.  They will hire who they think can get the jobs done right and on time.  Their company is vertically integrated from design to finished construction and their crews know how to do every job required to keep the project on time and done right.  They will try to use as many local contractors and workers as they can.

Jeff Henry said there have been a couple of surprises as the process of planning and construction for the park has moved forward.  He said there are still some unresolved permitting issues with the Island Walk portion of the project which will be a 3500-foot canal connecting the water park on the west side of SPID to Lake Padre, where a marina is planned, via a 40-foot wide water exchange bridge under SPID.  The Island Walk will also connect the current canal system to Lake Padre and through it to the open Gulf of Mexico through Packery Channel.

There are plenty of places to begin building while any permitting issues for the Island Walk are worked out.  Henry says they are excited about the project and ready to hit the ground running around the first of the year.

We’ll keep you posted as to progress along with photos once things begin.  Happy Holidays to all of YOU!!

Cheri Sperling, Owner Coastline Properties

Schlitterbahn NEWS! Construction equipment expected to arrive this month!

— Some construction on the proposed Schlitterbahn water park and resort has begun — just not on Padre Island.

Materials are being prefabricated in New Braunfels — where the company opened its first water park in 1979 — said Gabriele Hilpold, chairwoman of the committee that advises the city on island development.

Members of the Island Strategic Action Committee said they’re baffled when they hear from people who still don’t believe the park and resort will become a reality.

But they may not hear as much of that by the end of October, when construction equipment is expected to arrive near the Padre Isles Golf Course, said developer Paul Schexnailder, of Asset Development. He briefed the committee Tuesday night.

Drawings and surveys are being completed, he said. Schexnailder wouldn’t say whether they’ve found a way to keep nine holes of the golf course open during construction — as hoped by some island residents — but said project details are being worked out.

The $41 million resort planned west of Park Road 22 tentatively is set to open in March 2014. Early designs showed the park would include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing golf course and tied into a master plan for the area that includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes on about 500 acres of mostly undeveloped land.

Under a $117 million incentive agreement with the city, Schlitterbahn must begin construction within five months and be finished with the first phase by summer 2013.

Schlitterbahn is part of a proposed $552 million master plan for the island, which investors Willard Hammonds, Schexnailder and the Henry family, owners of Schlitterbahn, are developing.

Zillow and Trulia Face Backlash from Realtors

By STEVE YODER, The Fiscal Times

February 24, 2012

It used to be a given for anyone selling their house – a realtor would put their listing on national real estate aggregator websites like Zillow, Trulia, and Realtor.com to maximize exposure and sell homes quickly. But that could be changing fast as the two entities face off.

Since 2005 or so, realtors have shared data about homes they have for sale with those national sites, which have millions of visitors (Zillow, for example, had 32 million last month). But even though the sites have grown, sales haven’t in the distressed housing market, and some agents believe the sites may not be helping. They accuse them of engaging in practices that give buyers inaccurate information that may hurt sales.

Among their complaints are that the sites allow any agent, for a fee, to have their name and photo appear prominently beside homes listed for sale in a given region, even if they aren’t the agent who represents the seller. In reality, the agent in the photo may know little about the property or the neighborhood where the house is located, frustrating customers’ efforts to get accurate answers, according to a report last year by real estate consulting firm Clareity.

Some realtors also claim that many listings on the largest sites are inaccurate. “The wrong photos often appeared with our listings,” says San Diego realtor Jim Abbott, whose firm no longer shares data with the national sites. He also says that the sites kept up listings that were no longer on the market. Clareity CEO Gregg Larson says Zillow and Trulia get information about the same property from multiple sources (like the listing agent, the local multiple listing service, and a syndication service). “The duplicates sneak through, and then you have [the same] listing with different prices, listed by different brokers.”

One Massachusetts realtor, Jack Attridge, notes in a letter to Inman News that because homes he’s listed appear on national sites, he’s often contacted by agents and customers well outside his area who have questions about those properties. Most of the time, they have wrong information, and none of those calls, Attridge wrote, have resulted in a sale.

These and other problems hurt realtors reputations and do nothing to sell houses, they say. Abbott argues that inaccurate web listings, combined with side-by-side links to realtors who know little about the property, frustrate potential buyers and may actually drive them to look elsewhere. He studied three years of his firm’s sales data and compared listings that the company didn’t share with national sites versus those they did. “Time after time, the listings that we did syndicate compared with the listings that we didn’t had no better outcomes,” he says. “In fact the ones we didn’t syndicate often sold faster” and closer to the asking price.

Zillow CEO Spencer Rascoff has fired back, asserting that an internal company study shows that homes that are in the top 10 percent of page views on Zillow sell more than a month faster than their counterparts in the bottom 10 percent of views and achieve sale prices closer to their asking price. He also says Zillow “invests massive resources in making our listings as accurate as possible.”

Nevertheless, Abbott and a few others have opted out. Minnesota-based Edina Realty fired the first shot in November by announcing they’ll no longer list their data on aggregator sites like Trulia and Realtor. Abbott pulled out on January 27 with a hard-hitting web video announcing his company’s plans. Then on February 6, a bigger player weighed in. Denver-based Metrolist, a multiple-listing service (a member cooperative that realtors jointly buy into that advertises properties locally), announced they’ll no longer allow a Zillow subsidiary to use their data. Some realtors in larger metropolitan areas say they have better local listing service options. “It would only take a few good-sized brokers in every community before these sites either drastically changed how they do business or went away altogether,” says Abbott.

But other industry insiders worry that realtors will lose business by pulling out of the aggregator sites. “All it takes is [brokers who don’t share data] losing a few listings and having a couple of their top-selling agents complain,” Larson says, and “they’ll cave.”

Phoenix realtor Jay Thompson has chosen to continue listing with the sites. “Good luck explaining your decision to not market a listing on high traffic sites,” he writes on his blog. “I can assure you that if a Phoenix area brokerage chooses to do that, then we will use their decision to our advantage.”

Abbott argues the opposite could happen — since he posted his video, he’s had 12 people who were interviewing for an agent to sell their home ask him about his company’s new policy. “We got all 12 of those listings,” he says. Calls to the firm, he says, have “gone through the roof.”

“I have included this post from the Fiscal times earlier this year as it clearly talks about the problem associated with using industry leading apps such as trulia and zillow.  They do a great job presenting data to our clients as they browse local property, but the problem is the data set is usually weeks if not months old and creating a lot of frustration for our clients.  In the very near future we will be providing our clients the latest technology in “REAL TIME” Search that will allow you to download our app or from our website you will be browsing the “LIVE” Multiple Listing Service here in Corpus Christi giving you the very best up to date information that you deserve!  Keep posted to our website for information regarding this in the next few weeks.  Keep smiling… Cheri Sperling”

Schlitterbahn Corpus Christi Breaking Ground by October

— Trailers and heavy equipment will be one of the first indications that dirt is expected to turn soon near the Padre Island Golf Course — the site of a proposed Schlitterbahn water park and resort.

Those could appear as soon as the end of October, said developer Paul Schexnailder, of Asset Development. He briefed the city’s Island Strategic Action Committee Tuesday evening.

“There’s a lot going on that people just don’t see,” he said.

Financial paperwork is being finalized with the bank and the park’s design is being worked through by The Henry family, owners of the water park company. The final design is expected to be complete in the next few weeks. They’re trying to find a way to keep nine holes of the golf course open during construction, Schexnailder said.

The $41 million resort planned west of Park Road 22 is tentatively set to open March 1, 2014, ahead of spring break. Early designs showed the park would include a 65-acre water park with lodging, golf and restaurants. It will be built on the existing golf course and tied into a master plan for the area that includes a marina in Lake Padre, an extension of the residential canal system, hotels, condos and single-family homes on about 500 acres of mostly undeveloped land.

Under a $117 million incentive agreement with the city, Schlitterbahn must begin construction within the next six months and be finished with the first phase by summer 2013. The water park is required to be built two years after the project breaks ground, according to terms of the agreement.

Schlitterbahn is part of a proposed $552 million master plan for the island, which investors Willard Hammonds, Schexnailder and the Henry family are developing.

The entire project is expected to take at least 18 years to build under the incentive agreement with the city, which is for 25 years. Developers are responsible for infrastructure maintenance, such as dredging canals and repairing bulk heads.

The development is expected to generate about $259 million in revenue, after incentives, for the city’s taxing districts, including Del Mar College and Flour Bluff ISD.

A bulk of the tax incentives being offered — $78 million — are from hotel occupancy tax revenue within the area of the planned development. That means most of the incentives being offered rely on the performance of the proposed project, city staff said.

The city also plans to build a $6.8 million bridge along Park Road 22, which would connect Lake Padre to the residential canal system. The City Council has pledged to pay for that project with leftover 2008 bond money. Schexnailder has said it is a critical part of the project’s design because it would create a pedestrian waterfront connection along the canal system.

We are so excited to hear this from the Developers, This news is very big and our islanders are ready for it. Will keep you posted as more news develops ~Cheri