The plans, which sit on the site of the former Futurist Theatre, were unveiled yesterday and described as "cutting-edge" by the Pickering resort.
Plans show a four-storey building on Foreshore Road with space for attractions, education facilities, restaurants and children’s play areas.
Another building adjacent to the main area will house a “winter garden” and will also feature a viewing area.
To the rear of the main building, accessed from the roof, is the rollercoaster with the cliffhanger tower, which will stand 60 metres tall.
However, the proposed look of the site has split opinion in Scarborough, with people undecided on the look of the planned resort.
Lynne Cooper commented on the Scarborough News Facebook page, calling it "a monstrosity in the making," adding, "It's so not in keeping with our Victorian seaside town. The tower looks like something from Dubai! I do hope that the Residents of Scarborough have a chance to view the plans of the Flamingo Fun Park at the town hall, and pass comments and opinions on it which will be taken into consideration.
"Scarborough has slowly had its heart and character torn out over the last 20 years, and there is nothing much left to enjoy anymore; and I feel so sad for the residents living above and around the site, knowing that they are at risk of losing their lives or homes, and have to put up with noise, vibrations and mess if the Fun Park is developed . They have to be seriously considered."
This was backed up by a number of users, with Jo Withnell Armitage adding: "How to ruin a lovely sea front! Why does it need a roller coaster, and why on earth does it need that tower thing! Scarborough is not Blackpool, leave the tower to them."
Tracy Blundell also commented: "Not attractive... is this what we want Scarborough to be known for? It’s better than that."
Claire Law said that "Words almost fail" her, but acknowledged that she thought it was a "great idea but on completely the wrong site."
However, Chris Edmond disagreed, saying: "“Monstrosity” you say. Ignoring the fact that at the moment there is a huge hole. And before that there was a theatre no one used. Just be glad anyone wants to invest anything. Marvels, Kinderland and Atlantis spring to mind."
Some were quick to look beyond the plans themselves, with Rob Featherstone commenting: "It may look like like a white elephant now but in years to come, once Scarborough's caught up, I'm sure It will be grand and the moaners can embrace the change. Look at the bigger picture, at least someone wants to invest in Scarborough for a change. Investment for Scarborough is key, all seaside towns require outside investment; many are worse off than us."
A number of users also expressed their delight that Scarborough was "moving with the times", with Mikey Martin saying: "It's needed for the future of the South bay. As an ex resident with family still living in Scarborough on my visits it's just deteriorating ever year. Money needs spent along the whole front," while Stuart Harris added: "Looks good, I can’t wait to take the family there. It's about time Scarborough came into the 21st Century and some money was spent on family attractions."