The New York Wheel would be located at the north end of Staten Island

By late 2015, the Staten Island waterfront will be home to the world's largest Ferris wheel, along with a new retail complex and hotel, according to plans unveiled today by Mayor Michael Bloomberg and EDC President Seth Pinsky.

The New York Wheel will be built just north of the Richmond County Bank Ballpark in St. George, and will stand 625 feet tall -- 84 feet higher than the Singapore Flyer, currently the tallest Ferris wheel in the world. It will also be taller than the planned High Roller wheel for the Las Vegas Strip, which is set to rise to 550 feet.

"The New York Wheel will be an attraction unlike any other in New York City -- even unlike any other on the planet," said Bloomberg. "It will offer unparalleled and breathtaking views, and is sure to become one of the premier attractions in New York City and the latest exciting addition to our newly revitalized waterfront."

The New York Wheel will be comprised of 36 capsules, each able to carry up to 40 passengers with a maximum capacity of 1,440 people per ride. It is expected to welcome as many as 30,000 riders per day during peak season and an estimated 4.5 million visitors per year. Rides will last roughly 38 minutes.

Construction is expected to begin in early 2014, with the goal of hosting a grand opening by the end of 2015. The Wheels designer and manufacturer will be Starneth, comprised of members of the team that built the London Eye.

Mayor Bloomberg also announced plans by BFC Partners to construct Harbor Commons, a 350,000-square-foot retail complex featuring 100 designer outlet stores and a 120,000-square-foot hotel on the site south of the ballpark. Plans also include a 200-room, 120,000-square-foot hotel with views of the Manhattan skyline. Together the projects are expected to generate a $480 million private investment, and create more than 1,200 construction jobs and 1,100 permanent jobs. Construction is expected to begin in the winter of 2014 and conclude in 2016.

Construction plans for the Wheel and the 100,000-square-foot terminal building at its base are aimed at earning LEED platinum certification, powered predominantly by clean energy.

In 2011, New York City attracted a record 50.5 million visitors, who generated more than $48 billion in economic impact. The tourism sector also supports 320,000 jobs. New York City remains the most popular U.S. city destination for international visitors, and maintains the highest share of overseas travel to the United States, at approximately 33 percent.

The development of the two sites are part of the mayors Vision 2020: New York City Comprehensive Waterfront Plan, a framework for the citys 520 miles of shoreline for the next decade and beyond. It is the first citywide plan for the waterfront in nearly two decades and the first-ever comprehensive plan for the waterways themselves. It aims to reconnect New Yorkers and visitors to the water through new parks, industrial activities and housing. It also capitalizes on the city's waterways to promote water-borne transportation, recreation, maritime activity and natural habitats.