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They are commonly referred to as a “cruise ship on land.”
And if all goes as anticipated, Bradley may set sail in 2025’s first quarter.
The Bradley village administration and its six-member board heard a more detailed presentation at Monday’s board meeting which could lead to the development of an $79.5-million indoor water park.
“This is transformational,” said Richard Coleman, CEO and principal of American Resort Management, an operations and consultant firm for water parks, hotels, resorts, conference centers, private clubs and restaurants. “Bradley can be a world class destination.”
If all pieces fall into place, construction of the year-round, glass-enclosed structure on the grounds of the Northfield Square mall could begin in spring 2026.
Consultants believe this timeline could mean a late 2027 opening. The park would also feature a retractable roof.
If constructed as preliminary designs have illustrated, this water park would be in the top 20 in the U.S. in terms of size. The actual water park portion of the project would sit on about 2 acres.
The park would be about 100,000 square feet when all areas are factored in, meaning some areas not for water use.
The project, under the direction of American Resort Management LLC, of Erie, Pa., and engineering consultant Ramaker, of Sauk City, Wis., would be built on the mall property the village is in the process of acquiring for $6.5 million.
Financing for the development — which the consultants described as being on the top 10 national water parks — would come through government bond sales to be financed through a combination of Tax Increment Financing revenues, hotel taxes and business district taxes.
The water park, the consultants said, would fit hand in glove with the 126-acre, 12-diamond baseball-softball complex set for opening in the spring 2025 along St. George Road.
Coleman said prior to the board meeting this would be the largest indoor water park in Illinois.
More importantly, he said, the park has the capability to accommodate 1,700 to 2,000 at a time and draw pleasure-seekers from a four-to-six hour drive.
Coleman said people from as far north as Chicago and southwest Michigan to as far south as Indianapolis and St. Louis and as west as Des Moines, Iowa, would come to such an attraction.
The consultants stated in the park’s first full year, attendance projections are 410,550 and by 2037, the park’s 10th year, attendance could reach 479,448. Within this same time frame, revenues are projected to climb from $25.8 million to $38.2 million annually.
Based upon these revenues and a $5.1-million bond repayment schedule, the village could be realizing profits annually of more than $2 million.
“This will do much more than break even,” said Rob Romo, Bradley’s finance director.
The park, officials note, could have a 10-year economic impact of $718 million and pump $9 million annually through local and state taxes.
The exact location with the mall property footprint has not yet been finalized. The park has been designed for three locations, all connecting the mall’s center structure.
Nick Deines, a Ramaker project manager, said the time is soon approaching as to where the complex will be built.
If this moves ahead as envisioned, all agreed the development will be region altering.
Daryl Matzke, a Ramaker architect and engineer, who has assisted with about 30 water park developments, having started with those in the area of the Wisconsin Dells, said Bradley is perfectly placed to gain attendance from throughout the Midwest.
A key to gain a foothold within this industry, Coleman said, is being first. He explained there are regions now discussing this concept, Bradley began about two years ago and is simply ahead of the others.
Bradley and Namdar Realty Group, of Great Neck, New York, the owner of much of Northfield Square mall, came to terms for the purchase of the mall and the 43 acres it resides on in late November.
The deal is expected to close by as early as the end of 2024, as Bradley completed its final inspection of the property.
Bradley had already purchased two key portions of the mall. The village currently owns the former Carson’s men’s store and the former JCPenney store. The sale also included portions of the parking lot.
https://daily-journal.com/news/local/bradley_news/a-big-splash-bradley-eyes-states-largest-indoor-water-park/article_c7636640-b69f-11ef-9e2a-372a0a3d51d6.html