This proposal offers a business and urban design concept to build The Halo: New York’s highest vertical ride, an extremely transparent, lightweight and iconic structure that will bring fun to millions of visitors, and generate potentially over $1 billion of value for the public sector through private-sector ticket sales.
This new high-tech facility, the tallest tower ride in the world, will generate an extraordinary revenue stream that will help pay for a new, world-class, Penn Station.
For decades, the city’s biggest developers have been proposing a public-private partnership to fix the station in exchange for the rights to commercial development. It is the same formula that has been tried for 20 years, but the size of the problems in the station has always been bigger than the size of the potential profits. Our proposal breaks this stalemate.
The construction of The Halo is faster and cheaper than conventional real estate program, and generates a higher and much more steady income flows than traditional space leasing and sales.
The facility would produce an estimated gross revenue in the order of $130 million per year, at very low operation and maintenance costs rates. With the right financing tools in place, The Halo could immediately bring more than $1 billion into the renovation of the Penn Station complex without any taxpayer money.