I have no inside knowledge so this is totally a guess, but I feel like that drop tower is part/the main part of Phase 3From Coliwood Studios' video from today Ryan Eldredge mentions that the official name of the project is "Project Skyland"
They are targetting a March 2027 opening for Project Purple
Crane should be here June or July
Part of a 3-year transformation project: Phase 1 Shoreline Pier, Phase 2 Project Purple, Phase 3 yet to be announced