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New York Wheel raises nearly $150M through EB-5 program

The 630-foot-tall structure will roughly be $500 million to build

July 09, 2015 05:00PM

Rendering of the New York Wheel on Staten Island

The New York Wheel is close to raising all the money it needs to construct the world’s largest Ferris wheel on Staten Island. Of the $500 million the company needs to build it, $150 million will be funded through the EB-5 program.

Roughly 300 Chinese families have raised the money through the program with which they hope to obtain U.S. visas, the New York Times reported. The federal visa program offers a green card and potential citizenship to foreign investors in exchange for an economic investment in the U.S. that is larger than $500,000.

The wheel will be located right by a 160,000 square foot outlet mall, for which construction began in April. The BFC Partners-developed mall is set to open in 2017, according to the newspaper. [NYT] Claire Moses