Observation Wheel , A new attraction 220 feet in the air!

The Atlantic City CRDA loaned the amusement park about $10 million for, among other things, procurement of an observation wheel that, once assembled, will soar as high as 220 feet. The authority agreed to be repaid with revenue generated from the pier’s rides — the same rides Firestone is trying to repossess.

Imported from Italy, components of the wheel are being stored in Williamstown and Pleasantville while financing is arranged for construction of the wheel’s foundation, Catanoso said.

Catanoso aims for construction to start “in the next couple months.” The wheel might be open by “the tail end” of summer,” he said.

The original Steel Pier opened in 1898 and became a landmark entertainment venue. It closed in 1978, was destroyed by fire in 1982 and reopened in 1992.

It was leased for decades by the Catanoso family and associates, and in 2011 the group bought the pier for $4.25 million from Trump Entertainment Group.