Maybe the NY Wheel isn’t dead after all

Development team plans to hire American Bridge Company as new builder

TRD New York /
Aug.August 14, 2017 11:00 AM

New York Wheel

Don’t give up on seeing a Ferris wheel come to Staten Island just yet.

Although the New York Wheel project has faced scores of issues over the past few years, culminating with the development team firing its contractor Mammoet-Starneth LLC in July, the team is now planning to hire a new company to finish off the project, according to the Staten Island Advance.

Developers are in advanced negotiations with American Bridge Company, the firm that built the Las Vegas High Roller Ferris wheel, to finish building the 630-foot project in St. George.

The New York Wheel team recently fired Mammoet-Starneth over claims that the company was failing to meet several work deadlines. Workers are currently planning to remove Mammoet-Starneth’s cranes from the work site, indicating that negotiations with American Bridge Company are fairly far along, but there is still no specific date for when they plan to sign a contract or start working on the wheel.

The cost of the wheel has increased massively since its inception. In 2011, developers estimated it would cost only $250 million, but it has since skyrocketed up to roughly $600 million. A spokesperson for the project told the Advance that about $400 million worth of work has been done so far.

Experts previously told The Real Deal that the firing of Mammoet-Starneth could be disastrous for the New York Wheel’s EB-5 investors, but the development team maintained that the project has already created thousands of qualifying jobs under the visa program. [Staten Island Advance] – Eddie Small

Related Articles

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan

CW Realty’s Cheskie Weisz  and a rendering of 251 Front Street (Credit: CW Realty and Think Architecture and Design via New York YIMBY)

CW Realty plans luxury rental at controversial Vinegar Hill site

A rendering of Broadway Triangle and an aerial of Broadway Triangle (Credit: Magnusson Architecture via Department of City Planning and Google Maps)

Rabsky, Spencer land $70M refi for Broadway Triangle site

Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project

From left: 150 West 48th Street, 615-595 Dean Street and 141 East 47th Street (Credit: Google Maps)

Brooklyn development site tops 2019’s most-expensive list