San Diego, CA – If you’re like most people, surfing is an aspirational sport you’ve always wanted to try, but it’s getting easier to do that, in freshwater lagoons around the world. Surf parks, part of the broader industry of surf-anchored real estate, are an emerging and innovative area of real estate development that creates surfing destinations inland, in some cases hundreds of miles away from the ocean. These crystal clear pools are designed to bring perfect waves, residential housing, and high end hospitality experiences that attract repeat visitors at a higher rate than even ski mountains.
This niche but rapidly growing industry isn’t just a pipe dream – experts estimate this market to be a $4 billion industry today, expanding at 20%+ CAGR per year, with facilities already in operation around the world, from Melbourne Australia (URBNSURF) to Waco Texas (Waco Surf), to multiple European destinations like Munich, Germany (o2 SURFTOWN MUC), Bristol, UK (The Wave) and Switzerland (Alaia Bay). The list doesn’t end there, with surfable waves also in South Korea (Wave Park), Japan (Surf Stadium Shinzunami), and even Abu Dhabi (Surf Abu Dhabi). With an average development cost per venue of $120-180 million USD, this industry is one of the most unique corners of the real estate industry.
These real estate development ventures offer developers and investors a unique opportunity to create vibrant communities where the dream of surfing is within reach of entirely new demographics while driving significant economic benefits for developers and operators. Surf parks represent a massive growth area in mixed-use development.
Developers and Operators in this industry are a tight knit group, connected through industry events, led by Surf Park Central, the global industry trade organization for this sector. At SPC’s 2024 Global Summit, the industry took another leap forward to support emerging developers to pitch their visions for inland surfing meccas, specifically for new surf park development projects around the world. This manifested in a new segment called “Surf Park Sharks”, similar to the popular “Shark Tank” television show featuring entrepreneurs pitching investment opportunities to famous investors for notoriety and hopes for equity funding.
Surf Park Sharks 2024 brought together six early-stage developer finalists to stand before a panel of highly qualified investors who are active in the surf park space, to pitch their projects, vision, and pro formas to see who would emerge as a winner. Prizes were worth $15,000 USD in sponsorship and benefits. Finalists had the opportunity to share their vision with a live audience of hundreds of highly qualified stakeholders, but also with investors representing more than $23 billion USD in real estate transactions on a global scale.
The judges for the 2024 Surf Park Sharks included:
- Jeff Berg – Executive Chairman at Surfline, and CIO at Matador Capital
- Orion Corcilius – Managing Partner at Vandever Capital, the debt lender behind Waco Surf in Texas, USA.
- Craig Stoddart – Manager Director at Stodcap Advisory Services, and former CEO of the Wave, Bristol, in the UK.
- Sebastian Smith – Managing Director of Investments at STORE Capital, an Arizona-based real estate investment trust (REIT) that was recently acquired for $15 billion.
- Tom Hudak – VP of Investments at EPR Properties, a Kansas City-based REIT involved with the acquisition of Citywave USA, and the development of surf park facilities including Goodsurf in Dallas, TX.
22+ teams applied to pitch at the event, with only the top six teams advancing to the main stage for the pitch.
The judges evaluated each project based on six key criteria:
- Wave Technology selection
- Land – location, deal terms, and structure
- Management of development risks
- Commercial feasibility of vision & business plan
- Management team experience
- Investability
“Surf Park Sharks really captured everyone’s attention. The atmosphere was pretty electric in there,” says Surf Park Central CEO Jess Ponting. “It was standing room only and the standard of projects was high. In addition to getting feedback from actual surf park investors, contestants got to see five other projects. The relative strengths and weaknesses of each project and business model, the assumptions they were based on – everything was laid bare so everyone could learn in a really supportive space.”
In the end, judges chose the Palm Valley Gold Coast mixed-use project on Australia’s Gold Coast, pitched by founder Luke Altschwager, as the winner.
Here’s more information on each of the finalist teams:
Barreled Surf Park – Joey Lawerence
Joey Lawerence says he’s all in with his project in Central Washington State. The surf park enthusiast first saw the concept of surf parks nearly a decade ago and returned home to create Barreled Surf Park. The name is a nod to the tube created by waves and as a tribute to the large number of wineries and breweries that use barrels in the Yakima area.
While the location may seem like a random choice for a surf-anchored destination, Lawrence outlined why Yakima is a great place to attract new and veteran surfers. Yakima stands just east of the western mountains in Washington, protecting it from the rainy weather that is synonymous with the state. Plus, there are multiple major metropolitan areas a four-hour drive or less from the area, including Seattle, Portland, Boise, Idaho and Vancouver, British Columbia. The area already attracts action sports fans by offering skiing in the wintertime, allowing Barreled to be a warmer weather alternative.
Like any surf park announcement, Lawrence was sure to outline his wave technology choice of Wavegarden. The company is a major leader in the industry and has multiple big-name parks under its belt, including the Wave and URBNSURF.
Lawrence says a feasibility study shows that if Barreled came to fruition, it would quickly become one of the most profitable surf park destinations. Currently, Lawrence is focused on gaining more funding to make it a reality.
Peak Surf Park – Tony Miller
Tony Miller took the stage next. He’s working to bring consistent waves to the Sunshine State with Peak Surf Park, and the project is on its way after he secured a location in the Tampa region of Florida.
During his presentation, Miller outlined what makes Florida the perfect place for more waves. With millions of locals and millions of tourists, Florida’s endless summer is a great place for those looking to surf. However, the east coast of Florida can be unreliable for surfers, and the Gulf Coast, even more so. He believes bringing year-round consistent waves is a perfect match.
When it comes to developing a surf park, multiple categories need to be checked before anyone’s surf park dream can begin construction. The first for Miller, is having a piece of land. He has a purchase agreement signed for 35 acres in a master-planned community. The surf park industry has seen many parks take this route, where real estate leaders see a perfect match for waves and new residential and commercial development.
Secondly, Miller has backing from local government leaders. One of the biggest opposition to surf parks is often from county and city government officials and locals. Miller says he’s worked with Pasco County and the majority of them are on board, removing a major hurdle for these destinations that require large lagoons.
Peak Surf Park looks to become one of the first U.S. destinations with Surf Lakes technology. The tech is best known for its look, as a large plunger in the middle of a lagoon creates waves in every direction. Surf Lakes is currently working to open its former Australian test facility to the public. Miller says he stands behind the tech for how versatile it is and how much waves it can create for a large audience.
Palm Valley – Luke Altschwager
Recent years have seen a trend of surf-anchored real estate developments growing far beyond a wave lagoon. Similar to Peak Surf Park finding a home in a large housing development, the plans for Palm Valley take things a step further.
Luke Altschwager says Palm Valley sits not far from the actual beach on Australia’s Gold Coast and brings together plans for a surf park along with a golf course and other golf course-related activities. Also on site are restaurants and other entertainment facilities. The complete development will only grow with a second stage that features residential and hotel accommodations.
The best part for Palm Valley, is it already has the golf course and entertainment facilities, allowing the plans for surf to be developed in an already profitable model. In the end, the wave lagoon will only add to the growing real estate development, making it even more of a destination.
Altschwager also helped showcase how diversified the world of wave technology has become, as he opted for Endless Surf as the wave technology choice. Endless Surf made big headlines this year as its first wave lagoon opened at o2 SURFTOWN MUC in Munich, Germany.
Alchemy Surf Resort – Chris and Andrea Gallardo
California and surfing go hand and hand, but millions of people in the state don’t live directly on the coast. Cities like Sacramento can be hours from any surf. This is what inspired Chris Gallardo and his wife Andrea to create the Alchemy Surf Resort.
Gallardo told the audience he was initially inspired by the river waves he surfed in Oregon. The experience left a lasting impression, and he got to work on a plan to create a smaller standing wave destination. These surf parks have a much smaller footprint, and Gallardo initially thought this was the best model to pursue, but that all changed when he visited Alaïa Bay in Switzerland which has an ocean-like Wavegarden pool.
The experience led Gallardo to develop an all-inclusive surf-anchored resort with a Wavegarden Cove pool and a secondary citywave USA standing wave. Other amenities he wants to add include a rock climbing wall, a skatepark plus pump track, and a fitness center.
Networking is king at Surf Park Summit, and Gallardo used this opportunity to speak to hundreds of peers in the industry and announced a need for a development partner, project sponsor, and CFO. These final pieces will allow Alchemy to take the steps needed to break ground late next year in the Greater Sacramento area.
La Ola Group
Easily the most unique presentation went to the La Ola Group. The team from Argentina is the only wave technology-focused organization to make it in front of the Surf Park Sharks.
The company uses a pneumatic system to create waves. Meaning they’re using compressed air to create an ocean-like wave. The team has yet to create a full-scale model but is hoping to do so in conjunction with another organization that’s looking to build a real estate development with a surf park as a centerpiece. La Ola is working with the Arkken Group, a real estate consultant firm, in hopes of purchasing a large piece of land in Argentina to set up a housing development and allow La Ola to build their first wave lagoon.
The current obstacle slowing down this wave technology and the plans for a surf park include finding investors to first purchase the land.
Nomad Mountain Surf Lodge – David Chavez
In recent years, there’s been a large relocation of Californians to places in the West, like Colorado, Utah, Arizona and Texas. That’s left plenty of people missing the waves they once had. Nomad Mountain Surf Lodge is looking to fill this need with a surf-anchored destination in Park City, Utah.
David Chavez, who originally came from the California coast, has called Utah home for years. His goal with the new destination is to bring both the vibe and taste of California to the mountains. That means everything from surfable waves to restaurants for fish tacos.
On top of that, Park City and nearby Salt Lake City are home to plenty of action sports enthusiasts, with plenty of tourists also heading to the state for outdoor recreation. Chavez believes the growing market is the perfect place for a surf park, stating the outdoor economy grew by 32.8% between 2021 and 2022.
Currently, Chavez says he and his team are looking to use Endless Surf technology.
In true Shark Tank fashion, the judges had the opportunity to ask pointed, specific questions about each project, diving deeper into the details. After all the presentations concluded, the judges met privately to review the strengths and weaknesses of each project. They carefully deliberated which one stood out as the strongest investment opportunity based on the judging criteria.
Hosts Chris Cote and AJ McCord announced the winner as part of the Surf Park Awards.
Getting Involved
The Surf Park Summit is a global real estate development conference for developers, operators, and suppliers in this exciting new space. The event unites top technology experts, visionary real estate professionals, and passionate investors who aim to make surfing destinations inland a reality around the world. The annual event shapes the future of surfing real estate and tourism inspiring those dedicated to creating wave experiences in unexpected locations far from the ocean. The surf-anchored real estate industry is booming, and it’s never been a time to “make waves”.
The organization continues to host exciting events in hot spot regions around the world, allowing any interested individual or company to get involved. The 2025 schedule for Surf Park Central includes:
- March 20-21: Arizona Surf Park Development Tour at Revel Surf – Mesa, AZ
- May 28-29: Munich Surf Park Development Tour at o2 SURFTOWN MUC, Munich, Germany
- October 2025: Surf Park Summit 2025, Location TBA
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