The world's biggest ferris wheel is coming to Atlantic City in 2014.

Artists rendition of proposed Steel Pier ferris wheel (WMGM TV)

The Casino Reinvestment Development Authority has given their blessing to the 220-foot observation wheel to be built next to the Steel Pier according to the Steel Pier website.

Project engineer Arthur Ponzio tells WMGM that area of the boardwalk will be "spectacular" once it's up.

40 climate-controlled gondolas will be on the wheel which will hold 6-10 people each complete with food and drink available as they take in their view of the ocean. The project will also include an expansion of the Steel Pier and other attractions to make Atlantic City a more "family friendly" destination.

Steel Pier President Anthony Catanoso told WMGM he is excited about the project.  "I think it's one of the most exciting projects in the last couple of years. I mean, coming on the heels of Margaritaville, which is really great for the Uptown District, this is really that much better."

The CRDA will kick in $10million towards the project which still needs state approval which engineers expect to be granted in the next 3 to 4 months.

A bigger ferris wheel, the High Roller, is already under construction at Caesar's in Las Vegas which will be the world's largest when it opens in 2014, standing at 550-feet-tall.

The Steel Pier was first opened to the public in 1898 as a theater but added attractions, rides and corporate attractions in the early part of the 20th century. The Catanoso family purchased the Pier in 2011 and plans on a major revitalization.