BY JILLIAN JORGENSEN AND RYAN LAVIS

CITY HALL -- It's official: The New York Wheel and Empire Outlets are coming to Staten Island.

The mammoth development represents the biggest private investment -- roughly $580 million -- in the North Shore's history and the biggest investment in the entire borough since the Verrazano-Narrows Bridge in the 1960s. In addition, it's projected to generate $101 million for the city.

"This is the biggest thing that ever happened to the North Shore of Staten Island," City Councilwoman Debi Rose (D-North Shore), said after the Council voted its approval. "In fact, it is the biggest observation wheel in the world."

Following the vote, developers of both projects breathed a sigh of relief following a strenuous day of negotiations.

"This has been a long road," said BFC's Capoccia. "Where we've gotten today, it opens a new era for Staten Island and we are more excited today with this project than we were when we thought this up a couple of years ago.

Said Rich Marin, CEO of the New York Wheel: "I was very confident coming into today, and it took a little longer during the day to get through the process, but it's all come out where we wanted it."

When pressed, neither developer would give specifics on what, if any, incentives helped make up the cost difference in using 15 percent union labor as opposed to 100 percent.

"I'm just trying to get through the rest of the day," said Capoccia when asked about the cost factor, before he walked away.

"This is a project that benefits everybody, so I think everybody needs to give a little bit to help the community out in satisfying its needs," said Marin. "I think everyone did what they were supposed to do."

Representing organized labor, Lenore Friedlaender, Director of Build Up NYC, said they were pleased an agreement was reached -- but also didn't offer specifics on the deal.

"It really took everyone working together to get an agreement that provides good jobs for Staten Islanders both on the construction side and the operations, maintenance and hotel side," she said. "I think that at the end of the day everybody realized that it really makes sense -- the economics of the projects support having good jobs."

As for Ms. Rose's fellow Council members, they too were pleased.

"The word from the Council delegation to those investors big and small is: The North Shore and Staten Island is open for business," Councilman James Oddo (R-Mid-Island/Brooklyn) said. "Bring your money, bring your investment, bring your job opportunities."

Councilman Vincent Ignizio (R-South Shore) got to vote on the project before either of his Island colleagues, as a member of the subcommittee on zoning and franchises.

"This is the renaissance of the North Shore, of the gold coast of the North Shore, and the return on the investment from the taxpayer will be huge," he said.

Ignizio then went on the record with the day's most popular pun: "We are wheely, wheely, excited about this."