270 acres surrounding the Schlitterbahn Waterpark and Resort were sold at auction for $9 million Tuesday.
Austin-based Axys Capital bought the property, the same company which financed the land to now-bankrupt Padre Island Partners.
Other Island developers want to know what's next.
“Will they meet all the demands the city has to get the bridge delivered and ultimately get the canal in, that will allow lots of restaurants and retail entertainment?” asked developer Willard Hammonds II.
The land was supposed to be used for a riverwalk-style development along Park Road 22. The city promised millions in tax incentives but according to Mayor McComb, no taxpayer money was paid up front.
“From the taxpayer standpoint, there's no money lost in terms of money that's been spent and never be recouped,” said McComb.
Meanwhile, the Waterpark also faces foreclosure, which could come early next year. That development could mean fewer tourists spending less money.
“We just did some research recently and it's one of the top five reasons people come to Corpus Christi,” said Paulette Kluge, CEO of the Corpus Christi Convention and Visitors’ Bureau.
And fewer tourist dollars might mean tough times for other Padre Island businesses.
“We make money on tourists,” said business owner Christian Hoang. Who attracts tourists? Schlitterbahn. If Schlitterbahn goes, the percent of the tourists will be decreased.”
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