Coney Island would become the largest urban amusement park in America and include about 4,500 new apartments and lots of new retail as well.

The goal is to turn around the area, which has become rundown over the years into a year-round attraction.

Renderings show the new park would incorporate the Cyclone coaster as well as the famous Wonder Wheel.  It would also include a new, looping steel coaster as well as a giant flat ride that appears to be one of the giant swing rides that have started popping up at American fairs and have been in European parks for several years.

The park property at the base of the Wonder Wheel would also include an ice skating/roller skating rink.

The city still has a lot of work before groundbreaking can happen, including rezoning and possible land purchases.

The city hopes to break ground in 2009 and that the overall project would take 10 to 20 years to complete.

For more information and to view the artist renderings, visit the New York Post.

Editors note: Thanks to member joedonuts1011 for the link to this story.