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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.

Photo courtesy of NYC EDC

 

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.

Photo courtesy of NYC EDC

 

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.

Photo courtesy of NYC EDC

 

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

New Jersey National Guard Soldiers assist displaced residents at the town of Hoboken Oct. 31, 2012. (U.S. Army photo by Spc. Joseph Davis/Released)

 

Hoboken residents packed the Hoboken Historical Museum this week to voice their opposition to the building of seawalls in and around their neighborhoods.

The 5 plans proposed by State all include seawalls, to protect low-lying Hoboken from flooding in the event of another Sandy-strength storm surge.

 

20151210-rbdh-meeting-combined-concepts

Image via NJ DEP

 

NBC 4 New York: Residents in Hoboken are lashing out against the state’s proposals to build a seawall that could obstruct the prized waterfront view of Manhattan. 

Mayor Dawn Zimmer tried responding to concerns from the heated crowd, but the prevailing thought was clear. No one wanted to face the unpleasant aesthetic of having a protective wall in their city. [See the plans here.]

The 3rd public session is scheduled for tomorrow, December 17th, from 6:30 – 8:30 pm at the Hoboken Housing Authority Senior Building, 221 Jackson St., Hoboken.

Read more from NBC 4 New York here…

 

posted by Mai Armstrong for the Working Harbor Committee

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