Why Mall of America's Waterpark Will Change Minneapolis Forever
About this video
Why Mall of America’s new waterpark project could reshape tourism, development, and real estate across the Minneapolis area. Discover what this massive expansion means for the future of the Twin Cities economy and growth.
Key takeaways
- Mystery Cove, the indoor water park at the Mall of America, is planned to open in 2029: about 143,000 square feet with a wave pool, a 1,400-foot lazy river, more than 30 slides and a retractable roof, connected to the mall by skyway.
- The water park itself is about $375 million, and more than $400 million with parking and infrastructure. In September 2025 Bloomington approved $160 million in tax increment financing, after a 2025 state law allowed it, alongside private loans.
- The mall draws about 32 million visitors a year, about 40% of them from more than 150 miles away. The water park is projected to add almost a million visits a year, many staying overnight in Bloomington's more than 9,000 hotel rooms.
- The homes nearest the effect are in Bloomington, Richfield, Eagan and South Minneapolis. Jason cites Bloomington's median at about $379,000 (Redfin, December 2025) and Richfield in the low to mid $300,000s.
- Much of Bloomington's housing was built from the 1950s to the 1970s, so expect renovation and rebuilding on good lots as land values rise.
- Signals to watch before 2029: construction milestones from 2026 to 2028, new hotels near the mall and I-494, and new housing proposals in Bloomington's South Loop district.
Questions this video answers
When does the Mall of America water park open?
Mystery Cove is planned to open in 2029, with construction starting in spring 2026, according to the video.
How big is the Mall of America water park?
About 143,000 square feet, with a wave pool, a 1,400-foot lazy river, more than 30 slides and attractions and a retractable roof, designed for about 3,000 guests at a time.
How is the Mall of America water park being paid for?
With $160 million in tax increment financing that Bloomington approved in September 2025, plus private loans and loan guarantees from the mall's owner, Triple Five, according to the video.
Read more: Bloomington vs. Richfield · Bloomington market report
Notes written by Huerkamp Home Group from this video. Figures are as stated in the video on March 7, 2026; check the current numbers in our market reports.
