Although no price was given for the Astroland purchase, Thor had already spent US$100 million snapping up 13 acres of Coney Island property along the venerable boardwalk, that now includes the 3.1-acre Astroland. The Albert family, owners of the well-known park, will close the facility at the end of the 2007 season, but will continue to operate the 80-year-old landmark Cyclone wooden coaster under an existing agreement with the city.

Now Thinkwell Design & Production of California has been commissioned by Thor Equities to re-imagine the historic entertainment venue, with plans to revitalise the amusement district and transform it into a year-round destination.

Thinkwell began work on the new Coney Island project in late November. Among the concepts currently under consideration are rotating restaurants suspend from cranes, a skydiving experience, an all-weather acrylic-enclosed rollercoaster twisting among retail stores, a multi-level indoor carousel and multimedia attractions designed to gather and entertain crowds.

The decision to sell was "very difficult and made only after months of extensive discussion," reckons Carol Hill Albert, co-owner of Astroland with husband Jerome. Her late father-in-law, Dewey Albert, launched the park. Although they sold their property to Thor, the Alberts retained ownership of attractions like the water flume and the Astrotower in hopes of adding new rides and relocating. The site of the current amusement park is renowned for another reason. Local legend has it that restaurateur Charles Feltman invented the hot dog there in 1874.

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