The New York City Council greenlighted plans for that giant Ferris Wheel on Staten Island today, marking the final step in the public approval process. Called The New York Wheel and Empire Outlets, the project will bring the tallest "observation wheel" (they're not calling it a Ferris wheel) in the world to NYC. The 630 foot tall wheel will boast 36 capsules, each accommodating up to 40 passengers... so it sounds like The Wonder Wheel will still be the preferred attraction for burning a Ferris wheel jay. More details from the announcement:

The $260 million Empire Outlets project, being built adjacent to the St. George Ferry Terminal, will transform an underutilized municipal parking lot into a one-million-square-foot mixed-use retail hub that will bring newfound vibrancy and provide a tremendous boost to the local economy of Staten Island. The development, designed by SHoP Architects, will include 340,000 square feet of prime retail space with up to 125 designer outlet retailers; a 200-room hotel; and a 40,000-square-foot food and beverage deck that will provide extraordinary views of the Manhattan skyline. In addition, BFC Partners will also build a 1,250-space structured parking garage below the retail and hotel components to accommodate commuters and tourists alike.

Construction will begin in 2014 with a grand opening scheduled for 2016. Construction for the Empire Outlets is expected to begin in the winter of 2014 and be completed in 2016. Currently, the tallest Ferris wheel in the world is the 541 foot tall Singapore Flyer, in Singapore.