The old water park near Carlisle and I-40 is being demolished by developers, who have extensive plans to turn the 2.3-acre site into a world-class retail center with food, modern retail and possibly a convenience store.
“There’s a lot of opportunity for the land,” Rebecca Wall, the vice president of operations for Rhino Investments, told KRQE.
Her company bought the property in 2016, but the vacant property became a target for squatters, homeless individuals and vandals. Developers have already turned the old hotel nearby into apartments with 290 units, according to KRQE. Most of the units are already occupied, the developers said. There are also plans to add additional retail space. Despite the tough economic times, the developers are excited about the project, calling the area where the old water park stands a prime location.
“You have 209,000 cars a day between, on I-40 alone, and then another roughly 40,000 cars a day going on Carlisle,” Anthony Johnson, president of Pegasus Retail, the brokerage for the property, said. “So, traffic is phenomenal.”
Other businesses are already establishing a presence in the area that is a pathway for locals and tourists. Rudy’s Country Store and BBQ is a popular destination for locals and Whole Foods is expanding just across the freeway.
“There’s just a ton of activity in the intersection so as this continues to gentrify, this will be a phenomenal corner,” Johnson said.
Developers said if all goes well, the new retail center could be open for business within 18 months.
“We’re excited to see the next step here,” Wall said. “We’re hopeful we’ll be able to see something that will really bring some good things to the community, but also be the next stop for the community to be able to come and enjoy.”