NEW YORK (CBSNewYork) — The New York City Economic Development Corporation and NYC Parks announced Thursday plans to construct a large-scale water park on Coney Island.

The city has picked Central Amusement International (CAI) to develop 150,000 square feet of city-owned land in the heart of Coney Island’s world-famous amusement district.

The plans call for a water park, a public plaza with open air food options and an arcade.

“Coney Island is both a cherished summertime destination and an important economic engine for South Brooklyn,” said James Patchett, President and CEO of New York City Economic Development Corporation. “With these exciting new attractions and our ongoing investments in housing and infrastructure, Coney Island’s future has never looked brighter.”