The expansion could potentially include new lands in Disney's two existing Anaheim parks and a new shopping, hotel and dining district.
This will be the second park purchased in the past year by Chicago businessman Gene Staples.
The dueling waterslides will first debut for passholders on April 1 and 2.
The park will be able to operate at 25% capacity thanks to the state's progress on COVID-19 vaccinations.
The Carlsbad park will reopen for "Park Preview Days" from April 1-12.
Both parks will open to passholders and members before welcoming the general public on April 3.
The parks have not been open with rides or attractions since March 2020.
Contrary to early reports, California's theme park industry is not recommending a ban on screaming on thrill rides.