Staten Island's dreams of hosting the world's largest ferris wheel are coming to fruition!
Mayor Bloomberg will make the official announcement on Thursday detailing the construction of the 625-foot New York Wheel on the Staten Island waterfront.
As previously reported, the attraction would dethrone the current reigning ferris wheel, the Singapore Flyer, which stands at 541 feet tall, as the largest in the world.
The wheel will cost roughly $230 million to build and carry an estimated 4.5 million visitors annually.
Borough president James Molinaro, perhaps acknowledging some of Staten Island's less reputable attractions, responded to the news and said, "It's a game-changer for Staten Island. We've gone from having the world's biggest dump to having the world's biggest wheel."
(Molinaro's dump comment follows his recent "slut" tirade against Lady Gaga)
While the new ferris wheel will help generate revenue to New York City as a whole, the plan is also intended to specifically boost tourism in Staten Island.
The Staten Island Advance reports the projects are expected to raise $480 million in private investments and create more than 1,200 construction jobs.
Tell us below, will a giant ferris wheel convince you to visit Staten Island?
Check out a few renderings of the proposed ferris wheel below:
Earlier on HuffPost: