Plans for a three-story beachside waterslide at Coney Island were deflated today after too much red tape sunk the project. "Parks basically said, 'You know what, we cannot invest any time and energy into this project any longer," said Party Magic USA owner Anthony Gach, who was slated to build a three-story inflatable waterslide and bungee jumping platforms as part of the Parks Department's effort to build a "beach adventure" attraction this summer.

The amusements had been scheduled to open on the weekend of the Fourth of July, but were derailed after environmental permit requirements proved too complicated to overcome.

"This is hurting me. This could put me out of business," said Gach, who claims he sank $250,000 into the failed project. "[We wanted] to come in and do something on the coastline in the heart of Coney Island during this renaissance period." Looks like water sport adventure-seekers will just have to scout the LES for more homemade slip 'n' slides.