South Carolina: In an exciting development in the American surf park market, Tamarama Capital LLC (Tama) and Surf Lakes International Pty Ltd (SLI) have reached an agreement for the exclusivity of the Charleston, South Carolina Territory.
With construction planned to commence in 2022, commercial operations at this location are slated to commence in late 2023.
SLI is the holder of the IP involved in the unique central wave making device and is currently securing licensees and partnerships to deliver a large network of Surf Lakes Parks worldwide.
Tama is excited to have selected the greater Charleston region of South Carolina for this Surf Lakes development. This area is in a prime growth corridor in the sunbelt, one of the fastest-growing regions in the USA.
This region has strong access to major U.S. ports, airports, rail, and highways I-20, I-26, and I-95 (with over 42,000 cars passing the site on I-95 per day). Additionally, South Carolina is very business-friendly and has displayed a commitment to partnering with investors, businesses, and individuals who help create meaningful economic impact in the area. The South Carolina Department of Commerce, and its associated Coordinating Council for Economic Development, have developed a coordinated and unified system to make investment in South Carolina seamless. Finally, building a wave pool on the East Coast and in a climate suitable for year-round operation was a driving factor, with South Carolina offering hot summers and mild winters.
Why Surf Lakes?
Joseph Buonopane, Principal at Tama, was elated with the agreement, stating:
“We jumped at the opportunity to work with Surf Lakes. Their technology and pool design are proven, industry leading concepts that provide both a wave experience and development opportunity unlike any other. Tama recognizes that Surf Lakes is a growth focused organization and has built an impressive team to support the site development process with the highest level of operational expertise. The combination of Surf Lakes’ unique design, growth mindset, and expert team represents an outsized investment opportunity for Tama and its investors.”
Surf Lakes is a unique proposition in the world of wave pools, given that the commercial potential of a fully functioning pool has immense financial advantages over its competitors via potentially being able to produce up to 2000 rides per hour for all levels of surfers.
SLI CEO, Aaron Trevis, was also excited about the partnership, stating:
“Our long-term aim has always been to take our wave making technology to the world, allowing people from all walks of life to be able to experience the joys of a surfing life in a safe environment,”.
About Surf Lakes Holdings Ltd
Surf Lakes Holdings Ltd is a public company which provides a technologically advanced wave-generating device and bathymetric reef designs to wave park project developers around the world through its wholly owned subsidiary SLI. Since being established in July 2016 it has grown to become a holistic solution provider for world-leading surf park destinations.
SLI is developing a portfolio of high calibre licensee partners around the world, implementing our technology into various unique destination designs. Our team and world recognized design partners have extensive experience in many related fields and offer solutions at all levels from initial design through to construction, ongoing operations, and maintenance. SLI’s strategy is developing surfing communities, enhancing lifestyles, bringing economic benefit and employment to regions.
About Tamarama Capital LLC
Tamarama Capital (“Tama”) is a privately-held real estate investment and fund management firm based in New York, NY.
- Investment Strategy: Tama aims to provide investors tax-deferred income by developing and acquiring cash flowing assets in US cities that have exhibited, and are projecting, healthy economies with positive growth
- Tamarama Fund I Opportunity: Tama is targeting an opportunistic return profile through the development of master-planned wave-pool and surrounding mixed-use hospitality. Tama’s partnership agreement with SLI’s revolutionary and proprietary method of producing high-quality waves will provide an attractive investment opportunity with technology proven at scale.
- Team: Our principals have a diverse background in acquiring, developing, financing, and managing multiple asset classes across the United States