Watch CBS News

Future Of Staten Island Ferris Wheel Project In Doubt

NEW YORK (CBSNewYork) - Developers may walk away from plans to build a huge Ferris wheel on State Island after demanding Mayor Bill de Blasio support $380 million in tax-exempt bonds to help pay for the project.

Work stopped a year ago for building a 360-foot observation wheel near the Staten Island ferry terminal.

Earlier this month the city's economic development corporation denied the bond sale.

"The wheel was a private sector endeavor that was supposed to pay for itself," said de Blasio in a radio interview. "I think the economics were a little shaky from the beginning and they've proven to be shakier."

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.