What to Know
A plan to build a giant ferris wheel on Staten Island will ultimately not undergo construction
A total of $450 million had been invested in the wheel
The ferris wheel was meant to attract tourists to New York's least visited borough
A giant Ferris wheel that was supposed to lure tourists to New York City's least populous borough has been grounded.
A spokeswoman for the New York Wheel developers confirmed Tuesday that the 630-foot wheel planned for the Staten Island shorefront "will unfortunately not come to fruition."
The developers have been battling contractor Mammoet-Starneth in court since the project was halted in May 2017. Four 100-ton pedestals are all that's been erected at the site to date.
The New York Wheel was one of several giant Ferris wheels planned for sites around the world following the success of the 443-foot London Eye.
A total of $450 million in private funds had been invested in the wheel. Some $206 million came from EB-5 investors hoping to win U.S. citizenship.