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Seems like just a few years ago, the NY Wheel was going to be the new big thing on the Staten Island waterfront. Now, it’s a big money pit, with costs ballooning to more than double initial estimates.
The Real Deal: The wheel is now estimated to cost north of $500 million, more than twice the original figure. Critics say its revenue projections are wildly optimistic. And vicious infighting has ripped apart the fabric of the development team. All the while, the public officials and government agencies that threw support behind the project for the past three years have suddenly gone quiet.
No worries though, according to the developers, (I can’t even keep track of all the players with their fingers in this pot) the projected financial windfalls seem to have also ballooned, making the investment a sweet deal according to the numbers being touted in 2015, compared to 2011.
In its first year of operation, the wheel was originally slated to earn $15 million from admissions. But now, after jacking up the proposed price of a ride to $35 from $15, the developers are projecting $95.9 million in admissions, more than six times that amount.
Overall, documents distributed to investors last year predict total revenues of $127.85 million for the wheel’s first year in business, more than six times the $20.73 million projection made to the city in 2011. Read more from The Real Deal here…
posted by Mai Armstrong for the Working Harbor Committee
The company that owns IMTT Bayonne on the Kill Van Kull has bought the land beneath the adjacent Bayonne Energy Center plant and plans to expand both facilities. Those of you who have followed John Skelson’s photography work will be familiar with the site.
Staten Island Advance: The BEC is situated on 7.9 acres along about 290 feet of frontage on the Kill Van Kull, and the additional water frontage is expected to benefit IMTT by enabling Macquarie to expand the storage company’s docks, the release stated.
In addition, Macquarie plans to build a 7,000-foot-long pipeline across IMTT land that would provide the BEC with additional access to natural gas and facilitate the development of gas-using businesses. Read more from the Staten Island Advance here…