STATEN ISLAND, N.Y. --- The New York Wheel is coming to Staten Island, along with a retail and hotel complex featuring designer outlet shops that will pump nearly $500 million in private investment into the St. George waterfront and spur economic development, tourism and job growth into the future.

Mayor Michael Bloomberg on Thursday is set to announce that the world's tallest observation wheel and an outlet mall will be built on 14 acres next to the Richmond County Bank Ballpark at St. George, transforming the North Shore waterfront.

"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."

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At 625 feet, the $230 million New York Wheel will exceed the height of the Singapore Flyer, currently the world's tallest observation wheel, and will also eclipse the London Eye and a "High Roller" wheel planned for the Las Vegas Strip.

"It's a game-changer for Staten Island," said Borough President James P. Molinaro. "We've gone from having the world's biggest dump to having the world's biggest wheel."

The Wheel is expected to carry 4.5 million riders a year, and will be built just to the north of the ballpark, home to the minor-league Staten Island Yankees.

Construction is expected to begin in early 2014, with the goal of hosting a grand opening by the end of 2015.

Starneth, the engineering company that built the London Eye, will design and manufacture the New York Wheel.

The Wheel will have 36 capsules, each able to carry up to 40 passengers with a maximum capacity of 1,440 people per ride, or 30,000 riders a day during peak season.

"The New York Wheel will be an attraction unlike any other in New York City -- even unlike any other on the planet," Bloomberg said.

He said it would offer breathtaking views and would become "an iconic sight that will take a prized place in the harbor alongside the Statue of Liberty, One World Trade Center and the Brooklyn Bridge."

Molinaro said that the Wheel would draw some of the millions of tourists who ride the Staten Island Ferry every year.

With a hotel complex as part of the development plan, he said Wheel visitors would stay on the Island and visit other attractions, such as Snug Harbor Cultural Center and Botanical Garden, the Staten Island Zoo and Conference House.

He said it would also spur further development, including restaurants.

"The potential is staggering," Molinaro said. "They have a gold mine here."

The New York Wheel is expected be open seven days a week, 365 days a year, weather permitting, from 10 a.m. to 10 p.m. in the fall, winter and spring. Rides will last 38 minutes. In the summer, and on special occasions, the Wheel will stay open longer.

Bloomberg also announced plans by BFC Partners to construct Harbor Commons, a 420,000-square-foot retail complex featuring 50 to 75 designer outlet stores and a 120,000-square-foot hotel to the south of the ballpark.

The city Economic Development Corp. said that the projects will generate a $480 million private investment, create more than 1,200 construction jobs and 1,100 permanent jobs, bringing in nearly $100 million in net new tax revenue to the city over the next 30 years.