Currently, the land is being used as a community garden, but new grass has been laid and should start growing by spring.
"My initial reaction was a little bit excited to have a park so close to our house," said Boise resident Joe Longpry.
Some neighbors such as Longpry have one major worry about the park.
"Our main concern with the park right there is all the traffic. Right now there is no sidewalk here and there is no way to get across," Longpry said.
Plans are already in the works, to make the playground as safe as possible.
"ACHD (Ada County Highway District) has plans of rebuilding 5 Mile, I believe their time frame is 2014 and it would include curb and gutter and sidewalks," said Toby Norton, Boise Parks and Rec spokesman.
As for the water park, it will consist of seven pieces of equipment that spray water and make noise when being used. But the water park is one small aspect of the area. The park will also have a playground, an urban garden, a small community center and the Boise Urban Garden School will have a working farm.
Funding for the park was donated by the family who owns the land.
"It will be nice to have one like this close," Longpry said.
Boise Parks and Rec hopes to have all aspects of the park completed by next spring.
If you want to find out more about the new water park, a meeting is being held tonight (Feb. 12) at the Summerwind School of Math and Science at 6 p.m.