Coney Island boardwalk developer cuts condo plans

The developer who plans to change the face of the Coney Island boardwalk is scrapping plans for luxury condos.
Thor Equities said its change of heart on the 40-story tower is in response to an outcry from the community. The developer is also abandoning plans for rental apartments.
Thor Equities now plans to bring more edgy rides to the area, a glass-enclosed water park, three new hotels, restaurants, a movie theater and 400 timeshares.
Residents, however, complain the timeshares closely resemble housing plans that the developer scrapped.
The developer has spent about $120 million acquiring property for the project.
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