The City Council approved on Wednesday the St. George Waterfront Redevelopment Project in Staten Island, which includes an outlet mall, a hotel and one of the world's largest Ferris wheels.
Mayor Michael Bloomberg said it was "a momentous day for Staten Island," saying the destination will draw visitors from all over the world and create more than 2,000 jobs.
The project was approved only after the developers agreed to use all unionized labor.
Officials estimate private investments in the project to total $580 million.
"For years Staten Island's businesses and cultural institutions have been asking our elected officials for a way to get the millions of visitors who ride the Staten Island Ferry out of the terminal and onto Staten Island. This project will meet that long-awaited goal," said Councilwoman Debi Rose. "Staten Island will no longer be the 'Forgotten Borough!’"
The 625-foot New York Wheel will be the tallest observation wheel in the Western Hemisphere when it is completed.