New York City Mayor Michael Bloomberg is expected to unveil plans Thursday to build the world’s tallest Ferris wheel on Staten Island, providing an iconic destination to the city’s so-called “forgotten borough.”

The project would also bring a retail and hotel complex to the Island’s North Shore, and use the Staten Island Ferry to get shoppers there.

It is planned for 14 acres just north of the Richmond County Bank Ballpark, home to the minor-league Staten Island Yankees.

The New York Wheel would cost $230 million and carry 4.5 million riders a year.

At 625 feet, it would be the world’s tallest observation wheel, exceeding the height of the Singapore Flyer. It would also be taller than the London Eye and a “High Roller” planned for the Las Vegas Strip.

The wheel would offer plush, enclosed passenger capsules to offer riders a world-class view of the Manhattan skyline.

Officials hope construction on the observation wheel would start in 2014 and be finished in 2015.

An adjacent outlet mall would be the administration’s latest attempt to keep cost conscious shoppers from streaming out of the city.

And the city has long been searching for a destination for the two million-plus tourists who ride the Staten Island Ferry every year.

Officials anticipate both projects will pump nearly $500 million in private investment into the Staten Island waterfront.

(Source: WABC)