NASHVILLE — A water park complex that Ryman Hospitality has planned for its Gaylord Opryland Resort and Convention Center will cost $90 million and cover more than 217,000 square feet, including water slides, food and bar service and a live entertainment area.
The company hopes to open the facility, which will link to its Opryland hotel building, in late 2018. Ryman Hospitality detailed plans for the indoor/outdoor water park to be called Soundwaves at a press event Wednesday.
PHOTOS: Ryman renderings of major water park at Opryland
Nashville officials and Ryman Hospitality (RHP), named after Nashville iconic
That study shows Opryland now has an annual economic effect of $866.5 million. That dollar figure would balloon by $185 million annually once the water park is complete, according to Fox's study.
The water park has been in the works for a couple of years, Chief Executive Colin Reed said.
Company officials think the water park will make its resort competitive in targeting families that participate in conventions such as the upcoming World Irish Dance Championships, which will be coming to Ryman's Washington hotel in 2018, and youth sports tournaments. Reed hopes that business travelers in Nashville for conventions will be compelled to bring their families along and extend their stays.
He said the timing is right for Ryman Hospitality to expand its offerings because of continued growth in leisure travelers coming to Nashville to experience the music and culinary scenes. Reed compared the company's investment to Las Vegas in the early 1990s expanding its hotels, investing in top-rate chefs and luring A-list music artists to draw visitors to town for extended stays.
"As we look at this changing consumer group that is piling into this town — the bachelorette parties, the bachelor parties — we've come to the conclusion that honky tonks are fabulous," Reed said. That's why they come here to drink beer and listen to music
"But there's a limit to how much you can do that. If you're here for four or five days, there's a limit to that," he said. "You can see great concerts and drink a lot of beer, but you've got to be able to do other things to fulfill and capture these people."
Ryman Hospitality has been investing heavily in Nashville in recent years, including a $14 million renovation and expansion of the Ryman Auditorium, an $8 million renovation of the Wildhorse Saloon and the recently announced $20 million Ole Red project, which will be a Blake Shelton-themed restaurant and entertainment venue on lower Broadway.
The company, which has been experiencing a surge in international customers, surveyed convention customers before making its investment in the water park, Reed said.
"People don't want to come for 24 or 48 hours," Reed said. "They want to come for five or six days. We've decided this facility is there to give the guests something really compelling when they stay with us for multiple days."
Reed touted the water park, which will be available only to hotel guests, as one of a kind in the entire country. The facility will feature a lazy river, a wave pool, an adult bar area, live music and giant theater-sized television screens. Soundwaves will be built on what is currently self-parking on the side where visitors would arrive from McGavock Pike.
Hotel guests will be able to access Soundwaves from the inside of the hotel.
The tax incentive deal with the city would keep Opryland's property taxes flat, following the anticipated increase from the most recent appraisal, through 2025. The deal also will extend the $1 million in annual hotel tax rebates that Ryman began receiving from Metro following the 2010 flood by six years to 2031.
The total estimated value of the tax breaks and rebate is $15.8 million, which is subject to fluctuations based on future reappraisals. Nashville Mayor Megan Barry said she believes the expansion will attract new tourists and give visitors another incentive to extend their stays.
"It's going to mean a lot more visitors to our city, more sales tax revenue," she said. "And it's going to continue to improve the quality of life for our citizens because that tax revenue translates into sidewalks and everything else."
Fox's study indicated the Opryland property leads to employment, both directly and from vendors and contractors, for about 7,000 people, which will rise by 699 full-time jobs once the water park is built.
As part of the proposed deal with the city, Ryman Hospitality also will give Metro Parks a piece of property on the Cumberland River with boat ramp access.
“This proposed land donation will provide a key access point to the Cumberland River for the Donelson community and all Nashville residents and visitors,” said Jeff Syracuse, a Metro Nashville Council member. “This access is something Metro Parks and Ryman Hospitality Properties have wanted to make available to the public for some time, and I am thrilled that Ryman Hospitality Properties intends to make this donation for neighbors to enjoy as part of their continued investment.”
Follow Nate Rau on Twitter: @tnnaterau
