The two large projects will have a joint invite-only groundbreaking ceremony on March 10, a spokesman for the New York Wheel said.
The 625-foot Ferris wheel is expected to be the world's largest when it's completed, which is scheduled to be in 2017.
It will have four bar cars and a 20-seat restaurant so riders can eat and drink as they take in the view. The site will also include a "4-D Theater Experience" that simulates an underground subway ride from Staten Island to Manhattan, a route that doesn't currently exist.
It will have more than 100 retail stores, a 190 room "boutique hotel" and restaurants.
Nordstrom Rack was the first tenant announced to secure space at the mall.