A plan to build a 350-foot Polercoaster—described as a vertical roller coaster—have been approved by the New Jersey Casino Reinvestment Development Authority.
The project would be built on a one-acre parcel of land formerly occupied by the demolished Sands Casino Hotel near the city’s Boardwalk.
Florida developer Joshua Wallack also said the plan calls for a “nightlife component,” according to the Press of Atlantic City.
According to the Press, the project will be partly financed by Chinese investors through the federal government’s EB-5 Visa program.
The approval comes at an early stage of the project and Wallach did not say if he will seek CRDA funding to complete the project or when it will open. Wallack said that the project is contingent on state economic incentives such as tax rebates. He also told the Press, that negotiations with state and local officials are in early stages.
Wallack also recently received approval for a $500 million Skyplex amusement and hotel complex near Orlando Florida.
In another matter, CRDA officials said they will consider bailing out the owners of the Steel Pier along the Boardwalk. The pier is in debt for about $1.5 million. Lender Firestone Financial wants to repossess many of the amusement pier’s rides.
CRDA, however, has agreed to finance $10 million towards the construction of a 220-foot observation wheel at the pier. The authority is trying to help diversify the resort’s attractions. Officials said they will make a decision on helping the pier this month.