“Water Kass” will take three years to complete.
Ynet Hebrew article with simulations at:
http://bit.ly/water-park-ma

I used Google tranlsate for the translation below:

A huge water park and a hotel with about 1,000 rooms:
this is what the large tourism project in Mishor Adumim
will look like.

Not far from the Magic Kass amusement park, which lies
beyond the Green Line, a huge complex will be built over
the next three years. On the agenda:
a hotel, a new water park with 21 slides,
six pools, a roller coaster and a gaming park.
See the simulations photos unveiled below for the first time

“We continue to develop Israel Park and see
winning the tender as a great business potential
as part of our efforts to turn the place into a leading
tourist site in Israel,” said Kass. “The vision of our
group of investors is taking shape these days and
will become a reality in the coming years.
We are excited to make history and lay the
foundation stone that will open a new tourist area
with a magical desert scent, for Israelis and tourists.”
The Kass Group is responsible, among other things,
for the construction of the suspended glass bridge in Georgia,
which was recently opened to visitors, as well as
the largest indoor amusement park in Israel – Magic Kass,
which has playgrounds and extremes such as a
roller coaster with a height of more than 20 meters
and the Discovery 360. The park is built next to
the D City, the shopping complex that also belongs
to the group and is located in the same area.

Today in Israel there are the water parks in Shefayim
and Holon and the relatively new water park
in Kibbutz Eilot at the entrance to Eilat and
belongs to the U Splash Hotel of the Fattal chain.
In Eilat, too, a large water park is planned to
open for the first time, but this has been delayed
for over a year and now it is not known the
exact date of its opening.