World’s largest Ferris wheel to be built on Staten Island

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On Tuesday, the approval of the world’s largest Ferris wheel to be built in Staten Island was announced.

However, the approval has some conditions.

The Staten Island Advance claimed that the attraction, “requires 100 percent of the city’s revenue from the lease to be used for improvements in that borough.”

The project is estimated to cost $500 million and includes an outlet mall and hotel.

The ‘New York Wheel’ is said to have the view of the Statue of Liberty, New York Harbor and the Manhattan skyline.

Developers for the wheel will also need the approval from the borough president, the City Planning Commission, the City Council and the mayor.

Mayor Michael Bloomberg has already promoted the project.

Construction for the new attraction is expected to begin early 2014 with an estimated opening date of May, 2016.

For more information, check the New York Wheel’s official page.