Developer Eustace Mita has revealed plans for the site of the now-defunct Wonderland Pier on the Ocean City Boardwalk, The Philadelphia Inquirer reported today.

According to the story, Mita, who owns the Icona brand of resorts along the Jersey Shore, will build a 7.5 story upscale hotel with 252 rooms to be called “Icona in Wonderland.” The cost of the project is $135 million.

Wonderland Pier’s Ferris wheel would be moved to run east-west instead of north-south and will be along the property’s north side. The Pier’s carousel would be moved to the property’s south end.

Mita told The Inquirer that he plans to spend $1.5 million to rebuild the carousel, and another $1 million to move and elevate the Ferris wheel by ten feet and redo the lighting. He also plans to save the kiddie wet boat ride in some form.

Ocean City has lost 70 percent of its hotel inventory to condos and duplexes. According to Mita, his resort would bring a thousand new customers to the boardwalk every three days in summer.

“We call ourselves American’s favorite family resort,” he said. “We have the entertainment, and we’re killing off our hotels. We haven’t had a new hotel in half a century.”

The Pier’s former owner Jay Gillian sold the land to Mita to avoid defaulting on $8 million in loans, The Inquirer said.

For all the latest news, follow us on Facebook or sign up for Glenside Local’s “Daily Buzz” newsletter here.