July 19, 2024

 CanAm Enterprises, which is a sponsor of EB-5 regional center projects, believes the plan to build a smaller version of the New York Wheel — about 420 feet high — on the St. George waterfront will likely happen by early 2025, the Advance has learned.

The initial N.Y. Wheel project reached its demise on Oct. 23, 2018, when its principals announced they would not follow through with the construction of the 630-foot-high tourist attraction, whose cost had snowballed from an original estimate of $250 million to close to $1 billion. Before the project was abandoned by its major investors, about $200 million was invested to build infrastructure on the site, including the Wheel’s giant pedestals and a largely-complete terminal building and parking garage.

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Photo by Staten Island Advance/Bill Lyons

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