Work has ground to a halt at the New York Wheel, a massive attraction that developers say will help turn the St. George Ferry Terminal into a bustling tourist destination. The latest projections put the wheel’s price tag at $590 million, more than twice initial estimates. The developers concede there have been setbacks, but they say they are still on firm financial footing and expect the project to succeed. — Crain's New York Business
Building an audience from scratch for a new, expensive attraction on Staten Island's North Shore where visitors are also willing to spend $35 per ride to recover the half-billion-plus-dollar investment will be a steep challenge, Crain's reports: "To break even, the wheel likely needs to attract closer to 3 million visitors annually at $35 per head, judging from the developers' previous comments and information from Hunden Stratetgic Partners."
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