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Land Sold for Temecula Water Park

Wild Rivers Temecula officially bought the land for $2.3 million.

The deal was sealed Tuesday to build a water park in Temecula.

Wild Rivers Temecula, known in Temecula for running a water park in Irvine, bought the 20-acre parcel on Diaz Road near Winchester Road from the city for $2.34 million.

The company will be required to put $1 million in escrow this week, staff said during a meeting Tuesday at the .

This is the third plan to build a water park in Temecula that the City Council approved.

The Wild Rivers company applied to build a park in the same location in 2009, but it backed out for financial reasons.

The company had too little money last time, said Mike Riedel, the president of Wild Rivers Temecula. "We just didn't have the financing," he said after the meeting.

This time, the team financing and developing the project is different, and they've done what the other team could not, Riedel said. "(Financing) is half the battle," he said.

The economy has improved in the last couple years, which also helped, he said.

Another water park plan was approved in 2006 for a site on Ynez Road near Date Street, but local business owners killed the plan with a lawsuit, saying it would snarl traffic near their offices.

To see the plan, .

The park will be an asset to the city, said Councilmember Maryann Edwards. "What it will do to boost tourism, it's going to have an amazing impact," she said.

One resident was disappointed the land sold for so little. When the deal was first approved, the land was valued at $8.75 per square foot. Now, it's worth only about $3, Temecula resident Bret Kelly told the council members during the meeting.

"I find it hard to believe the value of land has dropped by 300 percent," he said.

The depreciation is radical, said Councilmember Jeff Comerchero, but it's true.
"If you think property (value) hasn't dropped by 300, 500, even 1,000 percent, you're just not following the market," he said.

Criticizing the city for the financial loss is the wrong way to look at the deal, because the city's job is to provide amenities, not turn a profit, he said. "That's what we're in the business to do, provide amenities," he said.

Wild Rivers officials plan to open the park on May 11, 2013, Reidel said.

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Patrick Bateman May 10, 2012 at 04:29 AM
Makes me wonder about how intelligent Jeff Comerchero is. If the value of a property drops 100 percent, it is worth $0. How does a property value drop by 300, 500 or even 1000 percent?
Jeff Walters May 10, 2012 at 05:11 AM
Traffic will be even more of a nightmare now. But that's progress right? If the city is not out to make a profit, then how come evrything is taxed so freaking high? Did you know that if you recieve a "fix it ticket" on your moving vehicle you have to pay $35.00 to the city or the county, depending on where the moving violation occured. There are more and more taxes being taken from the people every single year. Maybe they still need to pay for that big new building the city just had to have. Long term investments area good idea, so yes I can agree with some of that argument, but why such a big building? I hope this water park is a big hit for the city and that more local businesses can benefit from it as well. We will see.
Lindsey Jean May 10, 2012 at 10:10 AM
Any time a City can do something that will create jobs and value for the citizens is a great opportunity. This water park will not only bring the residents of the valley another local entertainment center with our children it will also bring in money from numerious families living elsewhere that may have not visited before, thus driving traffic to other local business.
moeras May 10, 2012 at 02:51 PM
it's even worse than when people say they need to turn 360 (to change something)
moeras May 10, 2012 at 02:55 PM
I am more worried about traffic getting off the freeway... it is horrible now.
TVOR May 10, 2012 at 03:30 PM
This project will actually bring jobs to temecula citizens, albeit low paying ones, and that is a good thing. Many of the entry level jobs in the area are currently held by illegal aliens with bogus documents and stolen social security numbers. Maybe this will give our teenagers a viable option for their first jobs.
Denise Lemeiux May 14, 2012 at 07:10 PM
Oh the Big Buliding ? You mean the Temecula Ritz Carton, LOL
Denise Lemeiux May 14, 2012 at 07:10 PM
Oh the Big Buliding ? You mean the Temecula Ritz Carton, LOL
Jes Dog August 16, 2012 at 01:59 PM
It's a great thing to bring waterpark to temecula. People that don't want it could move somewhere else. It's going to create jobs. People need to stop being negative. Need to create more freeway's in riverside County as well. It improve the commute.
Ricky September 21, 2012 at 02:18 AM
Water park in Temecula will be great for the economy and will boost tourism period! Those who does not want it, they are being selfish and does not care about anybody else better yet to the city's economic success. Enough said!!!
Michael January 02, 2013 at 11:17 PM
For the traffic people, that's why they are building a new off ramp. But, this article was posted almost a year ago so it was even planned for that new off ramp back in last May.

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