Queens-based Triangle Equities is finally moving on with one of the largest mixed-use projects to be developed on the North Shore of Staten Island since Hurricane Sandy hit the area. Though the New York City Economic Development Corporation (NYCEDC) green lighted the development plans in early 2007, the project faced several years of hurdles mostly because of the economic downturn that affected the real estate sector.
Just like the adjacent New York Ferris Wheel project that was announced in September 2012 and approved by the City Council one year later, Triangle Equities’ $200 million development will be a key piece in the revitalization puzzle on the northeastern side of Staten Island.
Slated for ground breaking in mid-2014, Lighthouse Point will be developed in phases and will replace a three-acre waterfront parcel that is currently occupied by a vacant lighthouse facility in the neighborhood of St. George, which is the gateway to the borough for more than 65,000 commuters and tourists each weekday. The historic structure located near Bay Street served as the U.S. Coast Guard Station Administration building until 1966.
According to the Staten Island Advance, development plans call for a residential tower with 96 rental units and retail space and a new 180-room hotel that will incorporate a historic building as the entrance way. Some of the six historic buildings included on the development site will be renovated for new uses such as dining areas. The first phase of the project is estimated to last around 18 months with a focus on completing the three-story retail structure that will serve as a base for the rental tower. Depending on how fast the construction moves forward, the first residential floors could be developed during this phase. Phase two will see the construction of the new hotel and the renovation or repositioning of the historic buildings.
The Lighthouse Point project will reportedly create nearly 700 construction jobs and almost 380 permanent jobs.
Renderings via Triangle Equities website