As visitors pass the Wonder Wheel to the boardwalk, they are reminded of its former glory days. Today, blue plywood fences surround vacant lots awaiting transformation. If developer Thor Equities' vision becomes a reality, an indoor water park and high-rise condos, among other attractions, will be constructed on the site.

The investor recently spent $120 million acquiring real estate in the heart of the amusement district, including Astroland, which could face demolition this fall. A new character may emerge if the city's rezoning plan allows Coney Island to become the largest urban amusement park in the U.S.