At last year’s Surf Park Summit, the inaugural Surf Park Sharks event gave the audience an inside look at early-stage projects. Contestants were able to share their dream for a surf-anchored development or new technology. At the same time, a panel of industry veterans and investors judged the plans and rated them on feasibility. In the end, Palm Valley Golf and Surf Resort came out on top.
The project, located on Australia’s Gold Coast, is managed by Luke Altschwager and forms part of an established destination. The addition of Palm Valley will further grow the global list of surf parks.
Nearly a year later, Surf Park Central caught up with Altschwager to get an update on the project’s current status and its progress since being a highlight of last year’s Summit.
Surf Park Central: To start, can you give me a quick update on where things stand with Palm Valley right now?
Luke Altschwager: We’re construction-ready. Since receiving our approvals, we’ve spent the last couple of years really refining the build strategy. We’ve got an outstanding team in place — Mick Fanning has been central to our momentum, and the passion he and Wayne “Rabbit” Bartholomew bring to the project has been incredible.
We’ve assembled a dynamic group — project manager, development manager, CFO, commercial director — all in place to deliver and operate the business end-to-end.
Everything is now aligned, and we’re in the final stages of securing capital partners — both equity and debt. We’ve got several structured pathways in play, engaging institutional funds, leading hospitality groups, and select high-net-worth individuals, given the multiple business layers beyond surf and leisure.
The priority is finding the right partners. This project deserves the right capital foundation, and we’re committed to securing it in a way that reflects our long-term vision, operational strength, and premium positioning.
The hospitality layer is a major part of our model. We’re delivering four flagship hospitality venues within the precinct. While we’re forecasting approximately 220,000 surf sessions annually, we expect over 800,000 people to visit the site. Much of that will be driven by food and beverage, wellness, accommodation, events, and everything that surrounds the wave.
So, we’re targeting partners who not only want to invest but bring real operational capability. Australia’s big hospitality and pub groups are a key focus.
Surf Park Central: Sounds like you’ve made a lot of progress over the last nine months.
Altschwager: Yeah, we’ve made strong progress. Right now, it’s all about securing the right capital partners who understand and believe in the vision. The goal is to commence construction early next year. It’s a two-year build.
The team’s in place, approvals are locked in, and we’ve made key refinements — including Endless Surf pool design improvements and master plan adjustments. We’re basically at the start line.
Surf Park Central: Can you tell me about the challenges you’ve faced since starting the project?
Altschwager: When we kicked this off five years ago, the original master plan was much more vertical, but that’s just not feasible in today’s market. The economics for luxury apartments simply don’t stack up under current conditions.
We had to rethink the entire delivery strategy. When our senior development team came in, they redlined every building on the plan — which was tough to hear, considering I designed it — but the reality was, it wouldn’t work financially.
So, we took our time to get it right. Everything is now in a buildable, bankable state. We’ve optimised the construction program and leveraged lessons from projects around the world. Our approvals also provide flexibility for future expansion.
Unlike some sites, we’re not under pressure to move quickly — the location already holds significant value with golf, hospitality, and mixed-use commercial tenancies. We didn’t rush. We made sure the model works at every level.
Surf Park Central: I remember at last year’s Summit, people were excited by how many layers your project had—not just the pool.
Altschwager: Absolutely. Integrating all those layers—hospitality, wellness, real estate—adds complexity, which extended the approval and design timeline. But it’s also what makes the model work from an investment standpoint.
A surf pool of this scale needs more than just surf. These complementary elements diversify the business and strengthen the commercial model.
Surf Park Central: You’ve mentioned plenty of challenges — have any parts gone smoother than expected?
Altschwager: I think we’ve now got a much clearer understanding of the risks, constructability, and operational models — and how to mitigate and optimise them. That makes the whole project feel more manageable.
The early guys like Damon and the team at URBNSURF did a lot of heavy lifting — we’re grateful for the groundwork they laid.
There are now real market benchmarks that didn’t exist before. The sector is maturing. More capital is looking at it and starting to understand the opportunity.
It’s still been a grind, especially in the early stages. But it’s exciting, right? We’re building surf parks and leisure destinations — we’re not saving lives. Keeping perspective matters.
The real estate component has been one of the more encouraging parts. Seeing other projects in places like Mexico and Brazil gain traction really validates our approach.
Surf Park Central: Are you seeing that shift with investors, too? You no longer have to explain what a surf park is?
Altschwager: Definitely. We’ve got two surf parks in Australia now, so people say, “Oh, like URBNSURF.”
At the start, people would say, “Is it like Wet’n’Wild?” And we’d have to explain, “No, not at all — it’s not a lazy river.”
When I first entered the space, I wasn’t a surfer. But I said surf parks would become the new golf course — the anchor for real estate and lifestyle developments. That’s happening now. It’s happening in Brazil, Cabo, the U.S., and once more, American developers get involved, it’ll really accelerate.
Surf Park Central: With more surf parks out there, has that community helped your process? Have things like Surf Park Summit or Sharks helped?
Altschwager: Absolutely. I’ve been to every Summit except one since getting into this space. Endless Surf also runs great European tours. I missed this year’s, but did the first two.
Honestly, the relationships and networking from these events are probably more valuable than the events themselves.
Surf Park Central: Your project was layered with amenities from day one. Do you think that trend will continue? Where is the industry headed overall?
Altschwager: If you take surf parks out of it, a good business today is diversified, serving multiple customer profiles. Even those that are very surf-focused will integrate better amenities — family spaces, kids’ activities — it’s just expected.
The lagoon environment naturally lends itself to retail, lifestyle, and living.
Even space-constrained sites, like URBNSURF Sydney, have a yoga studio and upstairs restaurant. It’s commercially viable. Other reasons to visit the site are critical.
At Palm Valley, more people will visit for golf, hospitality, or wellness than purely for surf sessions. We call those destination drivers. For us, surf, golf, and hospitality are the anchors. Virginia Beach is a great example of blending retail and entertainment into the surf experience.
Surf Park Central: Walk me through your next steps. You mentioned construction could start next year.
Altschwager: The capital raise is the big one. We’re aiming to close that by year-end — ideally before Christmas — but we’ll be patient to get the right investors.
What sets us apart is we’re fully funding detailed design through Christmas, so we’re ready to break ground the minute we finalise capital partnerships.
Surf Park Central: That’s rare in this space.
Altschwager: It is. Most projects are still raising money just to get approvals or complete design work.
We’ll be turnkey. From an investor standpoint, we’re not saying “put your money in and we’ll get approvals”—we’ll already be there.
Capital raise by year-end, detailed design happening now, and then procurement and pre-construction — a 12 to 16-week ramp-up phase.
Realistically, early to mid-next year for construction commencement. I avoid locking in firm dates, but we’re targeting waves by late 2027.
Surf Park Central: Final question — what advice would you give someone new to this space?
Altschwager: Master planning is critical, along with tech selection. That could be a whole conversation itself. But it starts with: what are you actually trying to do?
Site selection is key. The geotechnical side of your site can make or break your project. We spent $200,000 on geotech advice early. I hear about projects doing $5k to $10k worth of testing on large sites — that’s high risk. If you’ve got a 3-4 hectare site and only seven bore samples, your project risk is through the roof.
So, get the dirt right, master plan it properly, and make sure your destination drivers are strong. You need reasons beyond surfing for people to come.
And honestly, Summit has really evolved. The first one I attended felt like “surf kumbaya” — I wondered if anyone there had actually built anything.
Now, there’s real IP in the room. Groups like Beach Street and Avventur are raising capital, not just for their own sites, but for potential surf park-focused funds.
Get to Summit. Learn this stuff — it’ll save you a lot of pain.
Surf Park Central: Is there anything else you’d like to share with the surf park industry?
Altschwager: One last thing. The next four months are critical for us in terms of capital and investor discussions.
We’re well-connected in Australia and having promising local conversations. We believe the Gold Coast is a global surf mecca and tourism hub. Add golf, hospitality, and the fact that we’re turnkey and ready to go — we’ve got a compelling story.
We’re ready to connect with investors who see the opportunity to be part of something iconic, diverse, and commercially powerful, with real long-term upside.
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