[NYguy]

Originally Posted by Dac150

Well, there's always the Verrazano - which is why I discount those that would characterize a structure of this size to be an eyesore. It's not as if nothing of comparable height is absent from the general vicinity.

The Verrazano is not close. But the towers of the Verrazano are a good indication of size.


http://www.silive.com/opinion/editor...ortends_a.html

The 'New York Wheel' portends a new era for Staten Island

September 30, 2012

It’s hard to believe that just a few months ago, the idea of having the world’s largest observation wheel on the St. George waterfront seemed preposterous. Now, this once-far-fetched idea is well on its way to becoming reality. Mayor Michael Bloomberg made it official on Thursday as he formally announced the sweeping plans at the Richmond County Bank Ballpark at St. George. Starneth, the engineering firm that built the London Eye, will design and build what’s being called (for now) the New York Wheel. Construction is expected to begin in early 2014 with a grand opening planned for the end of 2015. The projected cost is $230 million, all coming from private investment. No government funding will be used.

But there’s much more to this project than just the New York Wheel. The mayor also announced that BFC Partners will build Harbor Commons, a 420,000-square-foot retail complex adjacent to the Wheel and ballpark. It will house up to 75 designer outlet stores and a 120,000-square-foot hotel, with a 15,000-square-foot banquet facility.

The city, which owns the property, will reap $2.5 million in rent annually from the leases to the developers. In all, the city’s Economic Development Corp. projects that these developments will bring in $480 million in private investment, create more than 1,200 construction jobs and 1,100 permanent jobs, and net nearly $100 million in new tax revenue for the city over the next 30 years.

As is to be expected, there are those who are skeptical about the plan, and mistakenly cite more mundane issues such as tolls, underfunding of libraries and senior centers and other more practical concerns in opposing to this imposing. But again, while the city will collect rent and taxes from the waterfront site, this is not a government project. The decision to build all this is being driven by private investors who see the opportunity to make a profit. That’s not taking funding away from government programs. Indeed, the project will generate more revenue with which government can pay for popular programs.