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New York Wheel rendering. Image via Staten Island Advance

The New York Wheel is about to get $150 million from Chinese investors, now that the project has been approved for EB-5, a federal green card job program.

Image via The Real Deal

EB-5 puts foreign investors (and their family members) on a path to permanent residency in the US. For a $500,000 investment, those who can afford it, are provided temporary visas, which can in turn lead to green cards, if their investment creates 10 jobs in a 2-year period. [Staten Island Advance]

The New York Wheel will dominate Staten Island’s North Shore skyline. Image via Staten Island Advance.

Staten Island Advance: The [NY] Wheel will rake in a total of $150 million in foreign investment through a popular federal program known as EB-5, project CEO Rich Marin told the Advance Wednesday.

Image via Waterford Group

EB-5 provides temporary visas for affluent foreigners and their families if they invest at least $500,000 in job-creating enterprises. This can eventually lead to them receiving green cards if their investment creates at least 10 permanent jobs within two years.

Image via NYyimby.com

The $150 million investment in the Wheel project will come from 300 foreigners living in China, each investing $500,000. In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions.

Read more from the Staten Island Advance here…

by Mai Armstrong for the Working Harbor Committee

Connecting Terminal grain elevator. Photo via buffaloah.com

The Erie Canal Harbor Development Corporation has announced they will turn an unused grain elevator, the Connecting Terminal grain elevator into a canvas for a permanent, nightly light-art installation – one they hope will be a one-of-a-kind attraction on Buffalo’s waterfront. [The Buffalo News]

Photo via buffaloah.com

A successful test, a little over a year ago prompted Canalside officials to pursue making the project permanent which they hope to be fully implemented by mid-2015. The light show will delight visitors 365 days a year, from dusk to 11pm.

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Couldn’t some of our iconic industrial buildings be repurposed this way? Or do they all have to be razed for condos?

ECHDC photo via WBEN

The Buffalo News: “We have this huge billboard – this massive structure – that will be like none other,” said Thomas Dee, president of Erie Canal Harbor Development Corp. “People are going to go, ‘Wow, I just didn’t expect this. I didn’t expect something so cool.’ It is going to enhance the nightlife in Buffalo, and on the waterfront.”

ECHDC photo via WBEN

The Connecting Terminal’s illumination is the latest step in revitalizing these colossal structures along the Buffalo River. A cluster of grain elevators at Silo City, at Ganson and Child streets, has over the past couple of years become one of Buffalo’s most happening areas.

ECHDC plans to light Connecting Terminal grain elevator permanently. ECHDC photo via Buffalo News

Erie Canal Harbor Development Corp.: In March [2013], ECHDC approved a phased master plan to install various lighting installations within Buffalo’s impressive collection of Grain Elevators and Bridges. This significant project is now moving into implementation of Phase1. 

WGRZ Channel 2 Photo

These structures serve as a reminder of Buffalo’s industrial and commercial importance and a proud time of economic development.  Buffalo is in the process of reinventing and repositioning itself in the community’s eyes as an incredible cultural powerhouse and a true economic developer.  This project is a symbol of the transformation.

Read more at The Buffalo News and at WBEN here…

by Mai Armstrong for the Working Harbor Committee

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