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

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

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

Amazon CEO Jeff Bezos and Staten Island (Credit: Getty Images)

Amazon inks massive lease for Staten Island warehouse

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

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