For reasons no one has fully figured out, Madrid has set its sights on having the world’s largest Ferris wheel

A group of Spanish investors backed by Madrid Foro Empresarial wants to revive Torre Panorama, a 260-meter Ferris wheel project in Madrid with an estimated €300 million investment.

The preferred location has shifted from earlier sites such as Madrid Río or Tierno Galván to a municipal plot in Madrid Nuevo Norte.

Madrid City Council says it is open to assessing the project's technical feasibility.

If approved, Madrid could host one of the world's largest Ferris wheels, with potential effects on tourism, urban planning, and the Madrid Nuevo Norte development.