The Mall of America Water Park: What It Means for Bloomington Homes

Picture walking from Nordstrom straight into a wave pool: no coat, no car, no Minnesota winter. That’s Mystery Cove, the indoor water park coming to the Mall of America in 2029. It’s been delayed for years, but now it’s officially happening, and it could change the south metro’s real estate market.

Figures below are as I shared them in the video above (early 2026).

What’s being built

• 143,000 square feet of indoor water park, about three football fields of attractions under one roof.
• A 52,000-square-foot wave pool split by a themed ship, a 1,400-foot lazy river, more than 30 slides and attractions, and a splash zone for all ages.
• A retractable roof that opens in summer for an outdoor feel and closes when it’s 10 below.
• A retro 1950s mystery theme built around a missing aircraft and a shipwreck.
• A skyway connection to the mall, with room for 3,000 guests at a time.

The water park itself is about $375 million, and the whole project tops $400 million with infrastructure and a new parking ramp. The designer said the goal was a park “entertaining for 20 visits, not just one,” so it’s meant for repeat visits, not a once-in-a-lifetime trip.

Why it matters for Minnesota

We joke that Minnesota has two seasons: winter and road construction. A year-round, climate-controlled water park turns half the year into prime time.

It’s also about keeping visitors longer. About 40% of the mall’s visitors are tourists coming from more than 150 miles away, and the water park is projected to draw almost a million visitors a year. Many of them will stay overnight instead of making a day trip. Bloomington already has more than 9,000 hotel rooms, and industry research cited in the video found that most hotels that added water parks raised their average room rates by 11% or more.

It also continues the mall’s shift from shopping to experiences. It opened at roughly 80% retail and 20% entertainment; today it’s closer to 60/40, and leadership is aiming for 50/50. Retail gets people to visit once, while experiences bring them back.

MSP Airport, right next door, adds to it: 37 million passengers in 2024, Delta’s second-largest hub, and a major expansion underway.

Why it took 40 years

• A water park has been part of the mall’s plans since the 1980s.
• A 2018 study projected almost a million visitors a year.
• Then COVID crushed travel, financing froze, and inflation pushed costs from the low-to-mid $200 millions to about $375 million.
• Higher interest rates made development loans expensive, and the mall’s owner, Triple Five, had to provide substantial loan guarantees.
• In 2025 the legislature extended tax increment financing (TIF) rules so Bloomington could use them, and the city approved $160 million in TIF in September 2025. Private financing includes a $120 million loan and a $133 million C-PACE loan.

The TIF is paid from property tax revenue the Mall of America itself generates. A project that survives that many delays signals lasting demand, not speculation.

What it could mean for nearby homes

As of December 2025, Bloomington’s median sale price was around $379,000 (Redfin), with homes selling in about 22 to 33 days. Nearby:

• Richfield: low to mid-$300,000s, the most affordable entry point near the mall.
• Eagan: mid to high $300,000s.
• South Minneapolis: around $410,000 in Nokomis, and the high $300,000s to low $400,000s in Longfellow.

When an area gains amenities and jobs, entry-level homes usually move first. Bloomington also has a lot of homes built from the 1950s through the 1970s, which can create teardown, renovation and infill opportunities as land values rise.

If you already own in Bloomington, Richfield, Eagan or south Minneapolis, you may be gaining equity without lifting a finger. If you buy between 2026 and 2028, you’re buying at today’s prices before the opening, but plan to hold for three to five years. Changes like this build gradually; prices don’t jump overnight.

The bigger picture: Bloomington’s South Loop

Bloomington has a full plan for the South Loop District around the mall: mixed-use, transit-oriented development with homes, offices, shops and hotels, connected by the Blue Line to downtown and the airport. Entertainment-anchored development tends to hold up better than office-anchored development, because you can’t visit a water park remotely.

What to watch between now and 2029

1. Construction milestones: the start in spring 2026, the steel frame and exterior through 2028, then systems testing and the retractable roof in 2028 to 2029.
2. New hotel announcements near the mall and along I-494. Triple Five has already said it plans a hotel connected to the water park.
3. Roads, parking and Blue Line updates.
4. Zoning changes and new apartment or mixed-use applications, a sign of developer confidence.
5. How fast homes sell in Bloomington, Richfield and south Minneapolis compared with the rest of the metro.

Thinking about buying, selling or investing in the south metro? Reach out to our team and we’ll walk you through what’s happening in your city.