New York Wheel project to get big boost from foreign investors
Staten Island development approved for federal program that attracts overseas capital
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.
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