Triangle Equities Signs Lease, Anticipates Fall Ground Breaking for $200 Million Mixed-Use Project in Staten Island
- May 02, 2014
Lighthouse Point, one of the key projects of the revitalization effort on the northeastern side of Staten Island, has taken a major step forward as the New York City Economic Development Corporation (NYCEDC) and developer Triangle Equities executed the lease for a long-vacant, three-acre parcel in the St. George neighborhood.
Originally approved by the City in 2007, Lighthouse Point was among the many real estate development projects that had to be put on hold during the recent economic downturn. After several redesign attempts, Triangle Equities’ $200 million mixed-use project was reignited at the beginning of 2014. The new lease agreement for the former lighthouse facility turned U.S. Coast Guard Station Administration building near Bay Street now paves the way for construction.
According to information from the developer’s website, Lighthouse Point will be developed in phases over the next five to six years—with construction expected to begin this fall—and will include 85,000 square feet of retail shops, restaurants, a hotel with 164 guest rooms, a shared-working space for local start-ups, an urban beach and recreational areas throughout the site, as well as more than 100 residential units that will replace several historic buildings along a waterfront esplanade. To reflect the de Blasio administration’s commitment to adding 200,000 new affordable housing units in New York City’s five boroughs, 20 percent of the project’s residential component will be designated permanently affordable units for New Yorkers earning 60 percent or less of the area median income. The 12-story apartment building will have a total square footage of 94,000, according to NYCEDC.
“We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island,” Lester Petracca, president of Triangle Equities, said in a press statement. “This is an exceptional project and we are excited to begin construction. We envision Lighthouse Point to ultimately serve as a full scale destination experience. An estimated 65,000 people are going to pass Lighthouse Point each day, and we believe it will incentivize those folks heading to and from the ferry to stay on the Island by offering highly desirable residential, hospitality and cultural options.”
Lighthouse Point is expected to generate more than 220 permanent jobs and over 400 construction jobs.
Click here for more market data on New York City.
Renedering via Triangle Equities