bummer. I hope this won’t affect nearby developments.
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Oh no! I was looking forward to this!
that’s not surprising. It took four years to build the adjacent parking garage.
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Not surprised, was suspecting something like this would happen or already happened, this has been dragging waaaaay too long. I really hope it gets completed tho, this is definitely a landmark in the making
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This mess of a project is still stuck in Legal doldrums.
The main contractor has been fired and there is whole legal mess going on. Don’t expect anything in the coming year while this plays out. They have expert discovery till next august meaning the trial won’t be complete till probably winter of 2018.
Disappointing but not surprised.
What a mess
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This whole bloody saga might soon come to a close soon.
It is still up in the air if this gets built or not, they need 120 days to find funding.
Fingers crossed they find it, I would love for this to get built.
In any case this has gone on for too long.
What a mess
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Shame, I really wanted to go on this
It’s not over yet they still have over a month to find a contractor.
Its not over till the fat lady sings! 
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I hope they complete this as it would probably be the only reason I find myself in Staten Island.
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This is gonna be fantastic when it’s finally done, but at the rate it’s progressing my toddler is gonna be in college before it opens.
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If it even gets done.
We have to pray they find a contractor before the 15th of september otherwise its over for good!
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It will get finished. If they, for some reason, don’t find a contractor, the site will be sold to someone else.
And given that they’ve sunk $300 million into the site, the buyers would almost certainly build some form of ferris wheel. The infrastructure is already there. Would be crazy to buy a site with $300 million in specific-use infrastructure and then tear it out to build housing or something.
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New York Wheel investors ready to pull plug on beleaguered project
The fate of Staten Island’s troubled New York Wheel is taking a turn for the worst. After the city’s recent decision to reject the developer’s request for assistance to get the stalled project back on track, lead partners have told the Wall Street Journal that they are “close to abandoning their plans to build the wheel.”
Investors Lloyd Goldman and Jeffrey Feil told WSJ that unless the city changes its mind, large parts of the 630-foot-high observation wheel that have been manufactured will be sold. Some of the parts are in warehouses in Brooklyn, while others are in six foreign countries.
The New York Wheel has been in the works for at least six years and developers have already spent $450 million in construction cost so far. The city-owned site where the wheel was set to rise is now home to four 100-ton pedestals that were going to hold the legs of the giant ferris wheel. When originally announced, the project was expected to cost around $450 million, however extended delays, cost overruns, and lawsuits between the developer and former contractor Mammoet-Starneth have increased the cost to somewhere around $900 million now.
Developers had been negotiating with the city for months, in efforts of garnering support for a $380 million tax-exempt bond, however the New York City Economic Development Corporation announced that the project was too risky and public funds “too scarce and valuable to be leveraged for this venture.”
However, in an op-ed published by SI Live executive editor Brian Laline, he notes that the bond proposed by investors, a Municipal Revenue Bond program, which is a non-government obligation bond (also known as PILOT bonds), would be insured by the investors to minimize risk and the city would not be on the hook to shell out any taxpayer dollars. He acknowledges that the project is in bad shape, especially after the construction company building the wheel declared bankrupcty, however, Laline argues that the city should help it see to fruition.
At this point, it seems highly unlikely that the New York Wheel will become a reality, which is unfortunate, given the hundreds of millions of dollars that have already been invested into it. The city has stated that they “remain supportive” of the development, but unless they show it through actions, New York City will have to add this one to the never-built club.
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What? Spent 450 million already and walk away now? Wtf
I was so looking forward to riding this!
This was going to be the reason I went to Staten Island for the first time
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This is more depressing than my Senior year…and I’m only 2 weeks in it
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Savor your senior year. Believe me, you’ll miss high school (assuming you go to a good one) when your gone. Those were just simpler times. And you really don’t realize how much free time you really had (which is a luxury) until shit gets serious and your mid-career management lol.
Also, enjoy college. Studying is the upmost importance, but be sure to have fun responsibly. Having fun is important. As long as you find a balance where you can get high grades, yet breath and enjoy life, its all the matters. Happiness and studying your passion is key. From day one at University!
Likewise with traveling. For engineering or architecture, which ever path you take, traveling is like a university in itself. Builds well-roundedness and exposure to different styles and directions.
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