The Corpus Christi City Council took the first step toward an $800 million North Padre Island development known as Whitecap Preserve at its regular meeting Tuesday, May 17.
The council approved creating Public Improvement District No. 1 for the area at the request of Ashlar Development. The estimated cost of the improvements is $100 million. The city is not obligated to provide any funds to finance the authorized upgrades. 
Whitecap Preserve is a 242-acre multi-use project located at the former site of Waves Resort Waterpark, which was torn down in 2021 after a short tenure on the island. 
“This has been a concerted effort by Ashlar Development and the city of Corpus Christi,” Mayor Paulette Guajardo said. “The Whitecap Preserve will lead to sustained economic growth, upgraded infrastructure, and steer the development of North Padre Island.”
The area will include residences, a hotel, marina, and a nature preserve along with 50 acres of commercial development. 
Ashlar Development submitted a PID petition to the city in September 2021 and an amended one in February 2022. 
The project is anticipated to break ground in the summer of 2022 and be developed in phases. Company officials expect it to reach full occupancy in seven to 10 years.