Corpus Christi, Texas - According to Caller.com, development has begun on Padre Island, the largest barrier island in the world. A total of $552 million will be spent to develop the island. Of that amount, $41 million will be put in place to develop Schlitterbahn's resort, which will include access to the current water park already operating there. Financing for the resort has become an issue. The plans call for a grand opening on Memorial Day of 2013, and park owner Jeff Henry states the timeline between getting the needed financing and the time needed to construct is very tight. The proposal is set to be finalized in 30 days from July 10th.

Along with the financing, designs and permits still needed to be drawn out before construction can truly begin. Schlitterbahn is only part of the 18 year construction project set for the island. Many other additions are to include hotels, marinas, extending the canal system, condos, and single family homes. Incentive agreements are to last for 25 years.

According to the park's website, The Schlitterbahn resort, separate from the park they already operate there, will include a 221 room hotel and a year round 'convertable' water park which will operate all year. The newer water park will include new slides and pools.

The Schlitterbahn chain currently operates 3 other parks. Two of which are in Texas, one in New Braunfels and the other at Galveston Island. The third park resides in Kansas City, Kansas.