A Native American tribe has announced plans for a US$241m (€217m, £194m) theme park and resort to feature one of the US’s longest rollercoasters.

Located in Foley, Alabama, the multi-million dollar plans by the Poarch Band of Creek Indians will be built over the space of five years in a multi-phased approach, with phase one slated for 29 May 2017 – Memorial Day in the US.

Dubbed Owa – meaning “big water” and named after a 14-acre lake at the centre of the development – the 520 acre attraction will include a theme park, 150-bedroom Marriott hotel and a number of dining and shopping outlets. It will also sit adjacent to a separate US$40m (€36.1m, £32.1m) sports tourism complex also expected to open in the summer of 2017.

Owa’s design will celebrate its rural roots, with concepts giving the feel of a small southern town evolving through time in certain themed districts of the park. In addition to the mammoth rollercoaster, the park will also include a selection of 20 thrill rides, family rides, kiddie rides and family-friendly entertainment.

Phase one of the development will include the hotel, retail, dining and theme park. Future phases will include a waterpark, additional hotels, a condominium complex and a resort level RV park. Future phases of development will bring costs to in excess of US$500m (€451m, £402m). The lake itself will include a 300-seat outdoor amphitheatre and boat house, plus boat rentals and fountain shows.

According to Poarch Creek, once completed, the project will boost tourist spend in South Alabama by 7 per cent to US$250m (€225.4m, £201m), drawing up to a million people annually. The development is also expected to create more than 3,400 full-time jobs.

“As a Tribe, we have worked hard to ensure that our businesses bring revenue and jobs into the State and add to the quality of life in the rural communities where they are located,” said Stephanie Bryan, Poarch Creek chair and CEO. “Owa is being built in this tradition, and we are very excited to be both neighbours and partners with Foley in bringing economic development to this area.”