Ballooning Costs Not Delaying Construction of New York Wheel

Despite arguments over budget and legal battles, the foundation for the 630-foot-high ferris wheel is set to be poured this June

May 24, 2016

New York Business Journal

The New York Wheel is expected to be built in the St. George area of Staten Island. Costs have skyrocketed from $250 million to $550 million.

The New York Wheel is expected to be built in the St. George area of Staten Island. Costs have skyrocketed from $250 million to $550 million.

The original budget for the New York Wheel, the next "global icon on New York Harbor", was set at $250 million but now hovers at $550 million. Despite the budget increase and related lawsuits, the foundation for the 630-foot-high ferris wheel is set to be poured this June. However, the originally planned 2017 grand opening has been delayed by legal disagreements among the board of directors.

New York Supreme Court Justice Charles Ramos is scheduled to hear all sides of the arguments at a June hearing, but it is not known whether that hearing will happen before or after the foundation is poured.

(more on the battle of costs for the New York Wheel...)

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