Hawaiian Falls No Longer in Default, Pays Rent Early

NORTH AUSTIN-PFLUGERVILLE, TX - Pflugerville’s beloved semi-new water park Hawaiian Falls is no longer in default on its lease agreement.

The popular attraction had missed two payments and defaulted on its lease agreement, but its parent companies are now fully in compliance with their Pflugerville Community Development Corp., the Community Impact Newspaper reported.

Hawaiian Falls, which opened the summer of 2014, has reportedly submitted their November and December payments and even paid their January dues early, according to Community Impact.

“Hawaiian Falls provided us with all past payments and we’ve already accepted January payment so we’re current on all transactions,” PCDC interim executive director Amy Madison told Community Impact. “We’re really pleased; we’re looking forward to a really great year.”

Community PCDC backs a $25 million loan for the water park project, which Hawaiian Falls pays back through monthly lease installments.

An Atlanta-based private equity firm bought a majority interest in Hawaiian Falls just before it opened for its 2015 season. Now Source Capital LLC is a major owner of the attraction, according to KXAN.

The same management remained in place after the investment, but Community Impact reports there will be a major change of management in February.

[Photo courtesy of Wikimedia Commons]