Bloomberg said the $230 million New York Wheel will be part of a retail and hotel complex designed to bring nearly $500 million in private investment to Staten Island's St. George waterfront, the Staten Island Advance reported Thursday.
"Our administration has made major investments all along the North Shore of Staten Island, because we know this area is full of potential for economic growth," Bloomberg said. "But this newest plan is the most exciting of all -- it's a once-in-a-generation opportunity for economic development."
The Ferris wheel, which is expected to be completed by the end of 2015, would top the current world record holder, a 541-foot wheel in Singapore.
Notable deaths of 2014 [PHOTOS]