A long-discussed attraction along Tampa’s waterfront is now one step closer to becoming reality.

Developers behind Tampa WOW! — short for Tampa Wheel Over Water — have secured a key environmental permit, clearing the way for construction to begin later this summer on the 250-foot observation wheel planned near the Florida Aquarium.

The Southwest Florida Water Management District approved the project’s environmental resource permit this week, allowing the privately funded $20 million development to move forward.

The wheel is planned for a one-third-acre site along Channelside Drive, positioned between Water Street, the Channel District, Ybor City and the massive GasWorx redevelopment area.

Supporters say that location is part of the appeal.

“It would be like a boardwalk kind of vibe going from that,” visitor Bayley Henry said. “So, I think it would be nice.”

Developers envision the wheel as more than just a tourist attraction — describing it as a centerpiece connecting some of Tampa’s fastest-growing neighborhoods while giving visitors another reason to return downtown.

“I think it’s a great idea,” visitor Elizabeth Amato said. “I think it brings more tourists to the area. I think it’s perfect.”

Visit Tampa Bay President and CEO Santiago Corrada said attractions like the wheel help Tampa remain competitive for conventions, sporting events and tourism.

“Something new,” Corrada said. “They’re going to ask you — if I come back, have there been changes at the convention center? Are there any new restaurants? What new attractions are there?”

Corrada said visitors increasingly expect cities to offer new experiences.

“People don’t have to come to Tampa. Conventions don’t have to come to Tampa,” he said. “We want to make sure that we keep our competitive advantage.”

But while supporters see opportunity, others worry about what the project could mean for parking in an area already strained by cruise traffic, downtown events and aquarium visitors.

The wheel’s footprint is expected to take over several existing waterfront parking spaces once construction begins.

“It’s tough,” visitor Elbe Ramirez said. “There’s not a whole lot of parking available for all the venues that are here.”

Visitor Brittany Peralta said she understands the attraction’s appeal but worries about the impact on residents.

“I get it, because of the port and what not. It could attract people and what not,” Peralta said. “But for people who actually live here?”

Developers say construction will begin with foundation work later this summer, followed by assembly of the wheel itself.

If construction remains on schedule, Tampa WOW! is expected to open by the end of the year.

Each ride is expected to last roughly 20 to 30 minutes inside climate-controlled gondolas overlooking downtown Tampa, the port and Tampa Bay waterways.