Another over-the-top Coney Island development proposal is in the works. Mayor Bloomberg unveiled a plan today to build the nation’s biggest urban amusement park there, including 4,500 residential units (20 percent are set-asides for low- and middle-income housing) and some retail establishments. The proposal basically spells doom for Thor Equities’ $1.5 million Vegas-style entertainment complex that can only get built if the city provides zoning for it.

Don’t worry, the Cyclone…