The owners of Lost Island Waterpark, in Waterloo, Iowa, US, have announced plans to augment their attraction with a new US$100m (€89.2m, £80.6m) theme park.

The Lost Island Themepark, which will sit on land more than twice the size of the 27-acre waterpark, is projected to attract twice as many visitors.

Construction is set to begin soon on the project, which owners, the Bertch family, hope will open in 2022. The park will include a variety of rollercoasters, rides and attractions that the company says will immerse guests in the stories of the magical lands of Lost Island.

Financing for the project has come from a mixture of state, city and private means, and in a US media report, the owners predict that the overall positive impact for the local Cedar Valley economy would reach around US$360m (€321.1m, £290.25m), with 200 seasonal jobs created.

The immersive nature of the theme park will be an important part of the attraction, according to general manager Eric Bertch, who said: "That will encourage guests to discover through play, whether it's scavenger hunts or interactive elements throughout the facility that you don't necessarily see at an amusement park."