Contact: David Zuba, Media Relations Publicist
CRDA Agreement Guarantees Completion of Steel Pier’s New Observation Wheel in 2017
ATLANTIC CITY, NJ – (Monday, September 26, 2016) – The New Jersey Casino Reinvestment Development Authority (CRDA) has entered into a modified agreement with the Steel Pier to secure the privately-financed completion of the pier’s Observation Wheel project.
The 200-foot, climate-controlled Observation Wheel will be one of the tallest in the country, will feature 42, fully-enclosed gondolas complete with food and beverage service, as well as air conditioning and heating for year-round use. Constructed in Melara, Italy, the Observation Wheel will be built upon a new platform adjacent to Steel Pier and will offer spectacular panoramic views of Atlantic City and the surrounding communities up and down the shore. The observation Wheel is expected to be operational by July 1, 2017.
“This loan modification allows the CRDA to complete the Observation Wheel project and bring another great, non-gaming attraction to the Atlantic City Tourism District, while also positioning the Steel Pier for future success,” CRDA Acting Chairman Robert Mulcahy said.
CRDA Executive Director John Palmieri added, “The CRDA continues to lead Atlantic City’s economic renewal seeding projects such as the ACDevco Stockton University’ Atlantic City campus and South Jersey Industries’ corporate headquarters in Chelsea, bracketed by new market-rate housing and the Steel Pier at the other end of the Boardwalk.”
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About the CRDA:
The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents. Under the 2011 Tourism District Act, CRDA’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City, resulting in nearly $1 billion in economic development and non-gaming attractions. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide since 1984. CRDA responsibilities include land use regulation, clean and safe initiatives, tourism marketing, and ownership and oversight of the Atlantic City Convention Center and Boardwalk Hall. For more information about CRDA and our projects, visit www.njcrda.com. Follow us on Twitter at www.twitter.com/njcrda.
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