“[We are] committed to the completion of the project, which is the centerpiece of a Staten Island redevelopment project. This settlement will allow New York Wheel the opportunity to finalize its financing arrangements and re-commence the construction and completion of the Wheel,” the New York Wheel said in a statement responding to a bankruptcy court stipulation that gives the project 120 days to find the required funds and hire a new contractor (h/t SI Advance). This comes after the project’s design team walked off the job last June amidst a “bitter pay dispute” with the developer. The 630-foot Ferris wheel has been plagued by cost overruns and delays from the beginning, so if they’re not able to get things back on track by September 5th, it could mean the end of what was planned to be a major revenue generator and attraction for Staten Island.
The New York Wheel, Staten Island’s under-construction 630-foot Ferris wheel, has been plagued with cost overruns (it’s gone from a $230 to $590 million project), delays, and skepticism from the beginning, and it appears that these missteps have finally come to a head. The Post reports that the project’s design team, European company Mammoet-Starneth who was also responsible for the London Eye, walked off the job in late May and threatened to terminate their contract after they “got into a bitter pay dispute with the developer.” The New York Wheel LLC then filed a federal suit claiming that halting work was putting the borough’s waterfront revitalization at stake and that Mammoet is responsible for “extortionate” billing, “defective” equipment, and shoddy, dangerous construction.