<P> The Ferris wheel was retired on September 27, 2015 . A new model was selected and purchased--the DW60--from Dutch Wheels, the Netherlands - based company that built the pier's former wheel . The state - of - the - art DW60 is the first and only one of its kind in the U.S. with similar wheels currently in operation in Hong Kong and Baku, Azerbaijan . Significant features include two - sided cars that allow for easy loading and unloading, a fortified structure to withstand winds of 115 miles per hour, and safety glass capable of weathering intense storms . The new model was unveiled on May 27, 2016 . </P> <P> Efforts to update Navy Pier for the twenty - first century began, on January 13, 2006, when the Metropolitan Pier and Exposition Authority released a proposal for a major renovation of the Pier, which including a monorail, a 260 - foot (79 m) spokeless Ferris wheel, a roller coaster, floating hotel, and a water park with a Great Lakes theme . The plan would have included nearly double the current parking and a replacement theater with a greater capacity . At the time of the announcement, a price tag of $2 billion was announced . </P> <P> Following the reorganization of the agency that runs Navy Pier and McCormick Place, a new study was commissioned to reinvigorate the upgrade process . The new study, by the Urban Land Institute, was released on November 11, 2010, and recommended a more modest set of enhancements aimed at retaining the Pier's role as a public space, rather than turning it into a theme park . Suggested elements include a concert venue, an enlarged Chicago Shakespeare Theater space, new restaurants, a renovated commercial area around the Pier's entrance, and additional park - like features to bring people closer to the lake . More grandiose possibilities, including the enlarged Ferris wheel and a hotel, are mentioned as more remote possibilities . </P> <P> In March 2012, a competition led to selection of a design concept presented by a team led by James Corner of James Corner Field Operations that focuses on the Pier's role as a waterfront promenade . In 2013 the Authority announced plans to carry out the first elements of a streamlined version of that concept, with reworked streetscape and a wider pedestrian space, moving tour - boat moorings to improve the view from a new central stairway centered on the Ferris wheel . Work began during the winter of 2013--2014, with completion expected by Summer 2015 . </P>

When did the ferris wheel at navy pier open