Last time we checked a few weeks ago, The New York Wheel had stalled. Now the project is spinning once again and could be ready to go by next summer.

Cost overruns and disagreements with contractors over design concepts and deadlines had grounded the Wheel, even as its supporters held on to dreams of creating one of the tallest Ferris wheels in the world.

We received the following press release this week from Nicholas & Lence Communications in Manhattan:

New York Wheel is in advanced negotiation with American Bridge Company, the builder of the Las Vegas High Roller Observation Wheel and the new Tappan Zee Bridge, to take over and complete the erection of The New York Wheel. As part of that transition, the cranes previously provided by [original contractor] Mammoet are not required and will be removed from the Project site in order to make way for replacement equipment. Work on the Terminal building continues. The New York Wheel expects to announce a new completion date in the near future,” said Cristyne Nicholas, Spokesperson for The New York Wheel.

Another issue appears to be funding for the project. The $580 million deal has been privately funded to this point and more investors are being sought.

The future 630-foot tall tourist attraction planned for the end of Staten Island overlooking New York Harbor and the Manhattan skyline would be the tallest ferris wheel in the world. However, there is currently another project underway in Dubai, now half finished, which would eclipse the Staten Island wheel at 689 feet tall.

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