It will be called Trump on the Ocean _ and no, the naming rights won't extend to the Atlantic.

Donald Trump's new venture will be a $40 million waterfront dining and banquet hall on the boardwalk in Jones Beach State Park on Long Island, the developer and Gov. George Pataki announced Thursday.

Trump has entered into partnership with Steve Carl, operator of the Carlyle on the Green at Bethpage State Park, to create the 33,000-square-foot facility on five acres. The property would afford sweeping views of the Atlantic Ocean and feature indoor and beachfront dining for large-scale events accommodating up to 1,400 people.

Trump on the Ocean will replace the historic Boardwalk Restaurant, which was demolished two years ago.

Once approved by the state attorney general and comptroller, the facility would be owned by the State Parks Department, Pataki said. Under the 40-year contract, the state would receive annual lease payments and a percentage of the gross receipts.

'This latest public-private partnership builds on the unprecedented investment and improvements the state has made at parks here on Long Island and across New York,' Pataki said in a statement.

Trump said the property 'will be the finest dining and banquet facility anywhere in the world.'

Carl called it 'a dream come true.'

'I have always had a vision of creating the ultimate, cutting-edge dining and catering facility here at Jones Beach, which I consider to be the single, most perfect setting on Long Island for such a venue,' Carl added.

Jones Beach State Park, 33 miles from Manhattan, offers 6.5 miles of surf and sand and is home to a variety of migratory birds and native plants.