Jim Cunningham of the Newport Beach office of Grubb & Ellis, who brokered the sale, says the facility will take shape on a parcel at the intersection of Waterworks Way and Odyssey, between the 405 and 5 freeways.
The new swim center will be a venture of Alpert, president and CEO of Waterworks, who teamed with local investors and raised the $5 million to build the venue. Alpert is an Irvine native and a former NCAA All-America swimmer.
The new venture, which will be known as Waterworks Aquatic Center & Swim School, will begin to take shape with a groundbreaking by the end of September. Alpert says construction is scheduled for completion by March. Initially, the 4,000-sf facility will offer an indoor 20-yard pool and an outdoor 25-yard junior Olympic Pool. A third 25-yard competition pool will be constructed within the first year and should be completed by summer 2004. The center will also feature a snack bar and a retail shop carrying swimwear, as well as a venue for hosting swim parties and swim meets. The school's staff will have up to 30 highly qualified, certified swim, water physical therapy and water aerobic instructors. Alpert plans a youth swim team, an adult masters swim team, water physical therapy, water polo, water volleyball, water basketball and water aerobics.The new swim center will be the latest addition in a series of attractions at the Irvine Spectrum and the Irvine Spectrum Center, a combination business, industrial and retail center that is a development of the Irvine Co. and the hub of much of the commercial activity in Orange County.
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