recommendations. In 1995, Navy Pier was redesigned and introduced to the public as a mixed-use venue incorporating retail, dining, entertainment and cultural spaces. Redevelopment Efforts to update Navy Pier for the 21st 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. 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. 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 on the redevelopment plan, called The Centennial Vision, during the winter of 2013–2014. The purpose of the plan is to fulfill the mission to keep Navy Pier as a world-class public space and to renovate the pier so it will have more evening and year-round entertainment and more compelling landscape and design features. The Polk Family Foundation (founded by Sol Polk) donated $20 million to the redevelopment effort; the park and fountain at the entrance to the pier was named the Polk Brothers Park and Fountain. A new Ferris wheel for the pier was