After its dismantling, the Hurricane will be shipped to New Mexico to become part of the Western Playland Park, which purchased the ride, officials said.
The new roller coaster that will replace the Hurricane is called "Undertow" -- a spinning roller coaster where the cars spin as the coaster moves.
"A spinning coaster is a very unique ride experience, we know our visitors are going to love it," boardwalk community relations director Kris Reyes said in a statement. "Every ride on Undertow is different, you can definitely expect the unexpected."
The 50-foot high roller coaster is expected to go up to 40 mph and includes 1,410 feet of track. It is slated to be ready for riders by summer of 2013.
The Undertow will join the Giant Dipper roller coaster, which opened at the Boardwalk since 1924.