One of the literally biggest EB-5 stories in recent history may have a new chapter. The New York Wheel, projected to be a 630-foot-high tourist attraction of epic proportion was abandoned last fall. But Staten Island has had recent meetings about getting the project rolling again.
If the EB5 investment project moves forward, the new wheel would be around 443 feet tall, using the already built foundation. A new developer would lead the project.
412 EB-5 investors contributed $206 million to the project. A new wheel could help them get some of their capital back. While the original project suffered from delays, it is believed a new wheel would benefit from a much faster approval process. Read The Real Deal story