South China Morning Post reported that the facility will be taller than the Yokohama Marine Tower (108 m) and even outstrip the legendary Lighthouse of Alexandria (150 m).
Elevators inside of the lighthouse will bring tourists to an observation deck with a view of the Yangtze and the city.
The new landmark will cost the city $1.47 million. Authorities say the expenditure is justified, as the lighthouse will become "a valuable legacy for many generations" and will bring streams of tourists.
However, the issue has caused wide debates among residents. Last year, the construction of two skyscrapers in Chongqing was frozen due to the lack of financing.