This is the news many Western New York residents have been waiting for.

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Talk of Fantasy Island being resurrected has been building up for weeks and now it's about to be official.

According to both The Buffalo News and WKBW, the new Western New York company Empire Adventures Inc. will officially announce plans to reopen Fantasy Island in time for 2021 season. A Thursday press conference has been scheduled for 10 am on Grand Island.

Per The Buffalo News, Empire Adventures has partnered with STORE Capital Real Estate Investment, who currently owns the park.

Along with the real estate company on board, Empire has also partnered with Marenna Amusements, a Connecticut-based amusement park company.

Not only that, but Flying Bison Brewing Co. will also be part of the reopening plans, as they are in talks to operate a biergarten at the park, according to Flying Bison's founder, Tim Herzog.

Apex Parks Group closed Fantasy Island without warning in February and left Fantasy Island in disrepair, along with dismantling rides. New rides are planned to come to the park, however, and work has been done on cleaning up the grounds.

Read more on the plans here.

Fantasy Island is coming back!