NEW YORK (CBSNewYork) – The six-year effort to build a giant Ferris wheel on Staten Island is now over.

The developers of the “New York Wheel” said Tuesday that their dream of building the observation wheel near the Staten Island ferry terminal will not come true.

“After years of planning, the developers of The New York Wheel announce, with great disappointment, that the dream of building a world class attraction in Staten Island will unfortunately not come to fruition,” developers said in a statement.

Work had stopped a year ago.

MORE: Staten Island Ferris Wheel Project On Its Last Legs?

Lloyd Goldman, a lead investor, said the wheel itself is 93 percent made but still in pieces in September.

0928wheel Staten Island Ferris Wheel Project On Its Last Legs?

Artist rendering of the New York Wheel in Staten Island. (Credit: CBS2)

Goldman admitted the after six years of development – and cost overruns – all of the $450 million for the project had been spent.

Many on Staten Island were hoping for some kind of bailout.

Last month, the city’s economic development corporation denied the sale of $380 million in tax-exempt bonds to pay for the project.

The manufacturer had said Ferris wheel pieces will be sold off at auction if a bailout was not reached.