The Steel Pier's owners have plans to construct a 200-foot-tall observation wheel, building the new ride on on a newly constructed deck to be added onto the beach south of the existing pier.

The Casino Reinvestment Development Authority on Tuesday approved a $4 million loan for the project. The new deck construction is expected to cost $2.4 million and the wheel will cost another $7 million to $11 million, Steel Pier owner Anthony Catanoso said.

Plans call for the addition to be open by early 2014. Catanoso said he wanted to build the addition on the south side of the pier approaching the new Margaritaville complex at Resorts to capitalize on the excitement that project Is bringing to the Boardwalk.