It's common practice after a new water tower is built to remove the existing one that's no longer in use. I don't see how it's terrible news. The existing water tower was really plain in appearance up until about 20 years ago the last time it was painted. I'm sure there's a good chance the new tower will be dressed up for aesthetic purposes.
The new one is looking pretty ugly and sticks out more visually than the old one. I'm thinking maybe because the skyline is already filled with metal coasters so a brightly painted metal water tower coordinates well. If they paint the new one up similar to the old one that will improve its looks a lot.
A similar style water tower was just built in my town, and it's an eyesore. I thought they would have put some sort of masonry or something around the base, but they left it looking unfinished with a bunch of industrial looking concrete

I'm assuming Cedar Point chose this option because it seems the most durable and can hold a lot more water, and with a possible Soak City expansion in 2016, they may need the extra water. Whatever the case, I hope they find some way to spruce it up. Leaving it blank would be a missed opportunity to do something creative.
They could have done something like this, and did a cool mural or something where the green area is under the tank. Just an idea

I spoke with a higher up while at the park Saturday. It is supposed to be painted. At least the top metal portion. I doubt the concrete portion will be. Additionally, he said the old tower would not likely come down this season. Probably during the off season. They pretty much have to paint the top. It would rust out if they didn't.

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