VTP Global is preparing to submit a planning application for a vertical amusement park in Birmingham next spring.
The £95M project involves building a 313m tower in the Eastside regeneration area next to the Millennium Point site.
Midland-based VTP Global, said the VerTiPlex project is on schedule and hopes it to open it in late summer 2012.
The park’s orignal 2010 opening date was put back because of the recession.
“Our original programme has been delayed due to the wider economic crisis. However, we have made good progress over recent months and hope to be in a position to announce project funding in the new year,” said VTP Global chief executive Charles Pettifer.
The VerTiPlex will be the world’s first vertical amusement park, boasting a 360 degree view of the city across a 42km radius.
It hopes to attract around 1M visitors a year and will be the fourth tallest tower in Europe.
An array of theme park-style rides will be located close to the top and external glass lifts will take visitors to the top.
Its base will house a hotel, cafe bars and restaurants. Overall, 650 full-time jobs will be created.