"It was a multimillion-dollar deal," says Joseph Buralli, amanaging member of Waterpark H2Otels. The firm plans to construct a14-story building with a hotel, condominiums and an indoor andoutdoor water park.

Sun Island Hotel Water Park will have between 490 to 506 keyswith approximately 395,000 sf of hotel rooms and condominium unitsin the 525,000-sf building. The rooms are still being configuredand there may be some "ultra large suites" for families, he says.The hotel will be managed by Columbus, OH-based FLG Hospitality,formerly known as Focus Lodging Group LLC. FLG Hospitality willalso co-develop the project. The hotel brand has not beendetermined yet. "We are in negotiations with two different flagsright now," he says.

The upper six floors will have approximately 200 condominiumunits with between 1,500 sf to 1,800 sf and three separateentrances to the hallway. The units will be sold for "approximately$199,000 and up." Condominium owners will "have the option to enterinto a rental program operated by the hotel and, by doing that,they would have a revenue share with the hotel," Buralli says.Condominium owners will not have a limit on the amount of days peryear they can stay at the park but they will not be able to livethere as a resident, receive mail there or send their children toschool from there, he says. The developer is receiving "non-bindingletters of intent" for the condominium units and will begin takingdeposits in about 90 days, he says.