The planned New York Wheel development includes the world’s tallest Ferris wheel. (Courtesy NYC Mayor’s Office)

Today, thousands of tourists and New Yorkers make a loop on the Staten Island Ferry between the borough and Manhattan, but as soon as 2016, they will also be able to make a vertical loop on the world’s tallest Ferris wheel, anchoring a new mixed-use project on the North Shore waterfront in St. George. Mayor Bloomberg today unveiled plans for Harbor Commons, which includes 350,000 square feet of retail space for 100 outlet mall stores, a 200-room, 120,000 square foot hotel, and a massive green-roofed parking structure, but all eyes were on the project’s neighbor; the 625-foot-tall New York Wheel will offer stunning views of New York City and its Harbor to an estimated 4.5 million people per year.

COntinue reading after the jump.