CHATTANOOGA, TN (WRCB) -- Lake Winnepesaukah announced the name for their new water park, which was unveiled in October.

The new water park will be called 'SoakYa,' perhaps designed to play off the park's name of Lake Winnepesaukah.

Ground was broken today on the multi-million dollar waterpark that will be on the west side of the current park.

Once completed, the new waterpark with feature a lazy river, wave lagoon, flume body slides, enclosed tube slides and side-by-side racer slides. There will also be a splash park for toddlers, and shaded lounge seating, retail shops and changing areas.

The addition is expected to open for the summer of 2013 and is being designed by a Florida architect and a New York design firm.

The park, originally built in the mid 1920's, has been a fixture in the region for years. Lake Winnepesaukah is owned and operated by the Dixon family's third and fourth generations, making it the third-longest continually-owned family amusement park in the United States.

Lake Winnepesaukah opens their 2013 season with a $26 general admission rate ($10 for children two and under and senior citizens).

From Memorial Day weekend through Labor Day weekend, general admission will be $31.95 ($15.95 for children two and under and senior citizens) and then return to $26 general admission for the remainder of the 2013 season when SoakYa closes for the season in early fall.