New York Wheel project to get big boost from foreign investors

Staten Island development approved for federal program that attracts overseas capital

The New York Wheel
The New York Wheel

Foreign investors are about to pump a lot of money into the New York Wheel project, which is slated for the North Shore of Staten Island.

The project received approval on Monday for a federal green card job program called EB-5.

EB-5 provides temporary visas for foreigners and their families if they invest at least $500,000 in the U.S. and create jobs. If the investment creates at least 10 permanent jobs in two years, those visas get turned into green cards.

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The Wheel project — which will bring a 625-foot observation wheel to the waterfront of St. George in two years — will receive $150 million from 300 people living in China through the program.  Each investor is putting in $500,000.

The New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. [Staten Island Advance] — Claire Moses