New York Wheel: Limited construction continues
If the New York Wheel never comes to fruition, foreign investors who put up $206 million for the project will be denied their green cards.
The $580 million project -- funded by a conglomerate of private investors -- had been indefinitely delayed, since the NY Wheel fired it contractor, Mammoet-Starneth LLC, in July.
The project is receiving $206 million from CanAm Enterprises through the federal green card program known as EB-5. If the project doesn't create the jobs and economic viability it promises, the EB-5 investors who have not yet received their green cards would be denied them, according to the United States Citizenship and Immigration Services Department (USCIS).
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