The city shared new details Friday about the historic $1 billion investment announced for the Coney Island Boardwalk, the largest in its century-long history.

Stakeholders say they want strong community involvement from the design phase through construction.

What the plan includes

"Life here shouldn't be a roller coaster. It should be a steady, stable lifestyle for all families. And that's why this administration is committing $1 billion to rejuvenate America's playground," Mayor Eric Adams said.

For Dennis Vourderis, longtime co-owner of Deno's Wonder Wheel Park, the announcement was welcome news.

"All I can say is, wow, it's a billion dollars, that's with a B. And the magnitude of it is incredible," he said.

The funding includes a renovation of the Abe Stark Ice Skating Rink, which business leaders believe will extend Coney Island's appeal beyond the sunny months. 

"This is just going to make this more attractive, more inviting sort of year-round. The Abe Stark investment itself is going to be a driver for new investment and for residents, as well as visitors alike," said Randy Peers, president of the Brooklyn Chamber of Commerce.

Storm resiliency will be a major component of the project. 

"We have completed detailed technical survey to determine how this waterfront will change over the next hundred years. Thanks to our amazing team of experts, we know what the boardwalk needs for its future," said City Parks Commissioner Iris Rodriguez-Rosa.

The plan also includes the construction of 1,500 housing units, a quarter of which will be affordable. 

When to expect changes on the Coney Island Boardwalk

As for timeline, officials expect progress in 2026.

"Early next year, we'll be going out in the marketplace to find a construction manager partner. We will then be moving into the design process," said Andrew Kimball, president and CEO of the NYC Economic Development Corporation.

Despite saying a full timeline is not available, Kimball added, "Eighteen months or so after that and design, we will be in the position of moving towards construction."

Amusement district business owners are urging the city to schedule work in phases and off-season to minimize disruption. 

Maya Miller, co-owner of Brooklyn Beach Shop, said a coordinated approach is crucial. 

"We are very seasonal. It's about at least six months that are very critical," she told CBS News New York's Hannah Kliger. "But at the same time, wintertime is very quiet out here, so I'm sure they can schedule it accordingly."

How to preserve landmarked boardwalk

Many stakeholders also have strong opinions on how to preserve the landmarked 2.5-mile boardwalk, particularly regarding whether the restored surface should remain wood.

"We feel it's very important to maintain the historic aspect of Coney Island. This is where it all started. The boardwalk is a boardwalk. It's been wood for a hundred-and-some odd years," Vourderis said.

State Assemblymember Alec Brook-Krasny said the debate is far from over.

"We'll have to find a compromise within the community because it's been a big question for many, many years," he said.

City officials say no decisions have been made yet. More details about design and timeline are expected next year.

Have a story idea or tip in Brooklyn? Email Hannah by CLICKING HERE.