Aventuur Could Bring Surf-Anchored Development to Texas

Who says you can’t surf in Dallas?

Aventuur, a global firm led by CEO Nicholas Edelman, plans to launch surf-anchored mixed-use developments across the United States, including Austin and Dallas, the Dallas Business Journal reported.

The projects would be centered around 5.5-acre surfing lagoons, powered by Wavegarden Cove’s man-made, wave-generating technology to which Aventuur has secured the rights. The lagoons would be surrounded by retail, residential and hospitality and office space.

Aventuur will need between $50 million and $100 million in capital for each location. The firm has already raised $12 million from private investors, high net worth individuals and family offices.

“These developments are unique in that they combine a highly cash-generative operating business with long-term real estate value creation,” Aventuur co-founder Richard Duff told the outlet. “A common misconception is that the surfing lagoon is loss-leading and requires the surrounding real estate to do the heavy lifting, however in reality, it more than justifies its cost of capital.”

The surf aspect could drive up rents and spur additional development in the surrounding areas, Duff said.

Aventuur will first test this concept in Australia. The firm plans to start construction on Perth Surf Park later this year and open it in late 2025. Besides Texas, it is also considering surf developments in Atlanta, Denver, Jacksonville, Las Vegas, Nashville and Phoenix.

—Quinn Donoghue