WavePoolMag has followed the development of the proposed 3.5-acre site in Shirley for several years now. We’ve been privileged to do podcasts with founder Brett Portera and Chief Technical Officer Alex Poirot. who was integral in the development of the Kelly Slater Wave Co technology.
Following a groundbreaking ceremony in 2023 and capital raise announcements, Crest Surf Clubs has now partnered with Kreation Capital and Sea Purity Investments as it advances financing for its flagship development, Crest Surf Club New York. The company has also appointed Matt Hayden as Director of Capital Markets and Business Development.
Kreation Capital to Lead Development Oversight
Kreation Capital will serve as Crest’s primary partner for financial and development operations, according to a press release. The firm will provide credit support, structural backing, and development oversight.
“We believe Crest Surf Clubs represents a highly compelling and differentiated business model that bridges the best elements of membership clubs, country clubs, and social clubs,” said Joseph Kronberg, Founder of Kreation Capital. “With its unique surf-driven offering and positioning within a growing yet relatively untapped market, Crest is well-positioned for long-term success. Kreation Capital is proud to partner on this flagship development and views it as the first of many locations nationwide.”
The Club Model
While the first wave pools for surfing strictly followed a turnstile, or stand-alone model, many new projects are now using a club model.
The surf park describes itself as a vertically integrated platform of private, membership-based surf clubs that combine proprietary wave technology with real estate and curated experiences. Last year Crest released updated pricing for year-round wave access and amenities, including a gym, spa, co-working space, and dining.
According to the company, founding memberships cost about $100,000, with an annual fee of roughly $20,000. Crest said it had sold more than half of its planned 500 founding memberships. At that time, the company was seeking $45 million in funding, possibly as convertible debt, to complete construction of the wave pool and supporting facilities.
The Shirley site will use Premier Surf Systems to produce about 120 waves per hour, with waves up to 6.5 feet high. Sessions will be capped at 20 surfers.
Matt Hayden Joins Crest Surf Clubs
Moving ahead, Matt Hayden joins Crest through his family office, Sea Purity Investments, and will oversee investor relations, financing strategy, and capital formation execution. His responsibilities include coordinating due diligence and ensuring investor engagement aligns with institutional best practices.
“This opportunity is deeply personal for me, as a lifelong surfer when I first surfed Kelly Slater’s wave, I knew wave pools would forever change the sport,” Hayden said. “Just as chairlifts expanded skiing and snowboarding to millions, wave parks will do the same for surfing. Crest’s model is uniquely positioned to deliver that future in a disciplined, member-driven way, and I’m excited to support the team as they execute on that vision.”
Hayden has invested in several surf park ventures and has more than two decades of development experience in surf-focused real estate, particularly in Costa Rica. He will not receive a salary and will be compensated through equity participation.
Institutional Focus for Growth Phase
Crest said the new capital alignment and leadership appointment reflect a strategic shift toward institutional-grade governance and investor engagement as it enters a key development phase.
“Building Crest the right way requires both disciplined capital and experienced partners,” said Brett Portera, Co-Founder and CEO of Crest Surf Clubs. “With Kreation Capital’s development experience and support, and Matt’s expertise of capital markets strategy and investor engagement, we believe we’ve further strengthened our team positioning Crest for long-term success.”
If you want more backstory on this project, check our podcast with Brett right here.
