The New York Wheel is back! Maybe. And it would be smaller.

EDC has held at least two recent meetings about reviving the failed project

New York /
May.May 30, 2019 01:05 PM
A rendering of the New York Wheel (Credit: S9 Architecture | Perkins Eastman)

A rendering of the New York Wheel (Credit: S9 Architecture | Perkins Eastman)

Efforts are underway to try reviving the long-suffering New York Wheel.

The project’s developers announced in October that they were abandoning plans to build the 630-foot Ferris wheel on Staten Island, but the city’s Economic Development Corporation has held at least two recent meetings about reviving the development, according to NY1.

The project would be closer to 443 feet than 630 feet and would use the foundation that has already been built. A new developer would take over the project.

CanAm Enterprises could be one impetus for bringing back the project, as it represents 412 foreign investors who contributed $206 million to the project for green cards under the EB-5 program. A new wheel would help those investors recoup their money.

The initial attempt to develop the wheel was plagued with cost overruns, lawsuits and long delays. Building a new wheel at the same site would likely speed up the long approval process that the first project went through. [NY1] – Eddie Small


Related Articles

arrow_forward_ios
D&F Development Group’s Peter Florey and the development site at the northwest corner of Pulaski and Elwood Roads in East Northport (D&F Development Group, Google Maps)
Four decades in making, East Northport project clears key hurdle
Four decades in making, East Northport project clears key hurdle
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
ZappiCo's Jim Zappi and Pocantico Lake (ZappiCo Real Estate Development, Google Maps)
Developer wants 29 waterfront homes; Nimbys want none
Developer wants 29 waterfront homes; Nimbys want none
Miki Naftali with 215 West 84th Street (Getty, Corcoran)
Naftali takes hit in battle with UWS holdout
Naftali takes hit in battle with UWS holdout
CW Realty's Cheskie Weisz and an aerial of the development site at 296 4th Avenue, 288 4th Avenue, 21 Denton Place (CW Realty, Google Maps)
Cheskie Weisz plans 200 Gowanus apartments
Cheskie Weisz plans 200 Gowanus apartments
Boston Properties CEO Owen Thomas and 343 Madison Avenue (Boston Properties, Getty Images)
Boston Properties plans 1M sf tower at ex-MTA HQ
Boston Properties plans 1M sf tower at ex-MTA HQ
1591 Alps Road in Wayne, NJ and March Associates Construction president Louis March (Google Maps, Getty, March Associates)
From funeral home to strip mall
From funeral home to strip mall
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...