A businessman from Weston-super-Mare has bought Birnbeck Pier because he wants "other people to enjoy it like I did when I was a boy".
The pier was built in the 1800s and links Weston to the island
Jason Collard, managing director of the South West branch of Urban Splash, bought the island in a private sale for an undisclosed fee last friday.
"I bought the pier because I think it's an amazing place and I think we can do something to it others can't," he said.
Ideas for the site include a visitor centre, a small hotel and restaurants.
The company hopes to hold talks with groups including Friends of the Old Pier and the Birnbeck Regeneration Trust before an architect is assigned.
The Victorian pier was opened in the late 1800s and links the Somerset town to a small island.
The previous owner, ferry company Whitehorse Ferries, had wanted to operate ferry services to Cardiff Bay.