Brighton Zip replaces the Brighton Wheel on Madeira Drive, and the new ride will be run by the same company which managed the Wheel; Paramount Entertainments.
Residents and visitors got a first glimpse of the ride as the launch tower was put into place this week.
The ride will feature a 300m twin zip wire extending along the coast to the east, with a drop-zone offering a 20m freefall experience.
There will also be a café and shop on the site, which is just east of the Palace Pier.
The project will cost £1.7 million, but developers said they expect the zip wire would attract around 32,000 visitors a year, based on a maximum of 24 riders an hour on the two cables.
The attraction is set to open from 10am until 11pm, all year round.
Brighton Zip has not yet announced an opening date for the ride, but said it will open this summer.