To include a Schlitterbahn Boutique Hotel and Conference Center, the 67-acre attraction will be the group's fifth in the US and the fourth in Texas.

Schlitterbahn describes the new site as an 'experiential entertainment resort'.

Facilities at the new site will include lodging, retail, restaurants, a conference center and a year-round waterpark featuring an interconnected river system called "Transportainment", along with a variety of water attractions.

The first phase of the project is scheduled to open the summer of 2012.

The initial Schlitterbahn Cedar Park Waterpark will consist of a US$75m (€54m, £47m), 67-acre, year-round entertainment destination. Once complete, the entire project will span more than 95 acres and cost more than US$360m (€259m, £227m).

Jeff Henry, principal of the Schlitterbahn Development Group, said: "Our team has been working on the creation and design of this world-class destination for more than two years and we are excited to be announcing this project.

"Without the support of the local government, the realization of this dream could not have become a reality."

Henry added that as part of the company's commitment to the environment, the new park will include the latest in energy and water saving technologies, including compact fluorescent lights, LED technologies, low-flow fixtures and the capturing, filtering, sanitizing and recirculation of water through the Waterpark's rides and attractions.

The park will be developed in partnership between Schlitterbahn; entrepreneur Rick Redmond, current owner of Volente Beach Waterpark; the Principals of Suntex Ventures; and Garrett-Ihnen Civil Engineers.

As part of Redmond's involvement in the project, the existing Volente Beach in Lake Travis, Austin, Texas, will close following the 2011 season.

Schlitterbahn currently operates three Texas water-based destinations - Schlitterbahn Beach Waterpark, South Padre Island, Schlitterbahn Galveston Island Waterpark, Galveston Island and Schlitterbahn Waterpark Resort, New Braunfels.