New York City Economic Development Corporation (NYCEDC) and Triangle Equities announced the execution of the lease for a long-vacant three-acre site in the St. George neighborhood of Staten Island, paving the way for construction to begin on the $200 million mixed-use Lighthouse Point development.
Directly adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will include more than 100 residential units, a hotel, a diverse mix of retail shops and dining options, considerable public open space, and parking.
Twenty percent of the residential units have been newly designated as permanently affordable for New Yorkers earning 60 percent or less of the area median income.
Along with the New York Wheel, Empire Outlets, and the New Stapleton Waterfront, Lighthouse Point is a key element of NYCEDC’s ongoing effort to transform the St. George waterfront into a dynamic civic hub that will drive economic growth, create jobs, support existing waterfront amenities, and provide new waterfront uses for visitors and residents alike.
Lighthouse Point is expected to create approximately 226 permanent jobs and over 400 construction jobs; construction is anticipated to commence this fall, with project completion slated for late 2019.
“This project will deliver tremendous economic benefits to the North Shore: creating jobs, developing a new residential population to support local businesses, reconnecting the neighborhood to the waterfront and supplying much-needed permanently affordable housing for Staten Islanders,” said Deputy Mayor for Housing and Economic Development Alicia Glen.
“We applaud Triangle Equities for joining the effort to deliver 200,000 units of housing that New Yorkers of all income levels can afford, and look forward to the reactivation of this extraordinary site.”
NYCEDC President Kyle Kimball added, “Lighthouse Point will serve as an important link in the suite of projects in the area, encouraging millions of Staten Island Ferry riders each year to spend time and money supporting the local economy.”
President of Triangle Equities, Lester Petracca said that, at full build-out, Lighthouse Point will create 85,000 s/f of retail; a restaurant and entertainment space; a 12-story, 94,000 s/f residential building housing approximately 80 market-rate housing units and 20 housing units permanently affordable at 60 percent of area median income; a 160+ room hotel; a communal-style workspace for local start-up businesses; an urban beach; and a series of outdoor recreational areas throughout the site — all with unmatched views of New York Harbor, lower Manhattan and the forthcoming New York Wheel.
Project construction will be phased, with each portion of the project opening to the public as it is completed.
From 1863-1966, the site housed the U.S. Lighthouse Service Depot, which was the center of lighthouse operations for the United States during that time.
The site was largely vacated in 1966 when the Coast Guard relocated to Governor’s Island and fully vacated upon the departure of the New York Harbor Pilots’ Association in 1984, at which point the property was transferred to the City of New York.
The site is listed on the State and National Register of Historic Places, and the development team will rehabilitate and repurpose all of the historic structures on-site, including the four historic buildings, a set of underground vaults and a historic wall.
Throughout the design and construction phases, the developer will be required to work in close concert with, and obtain several approvals from, city and state historic preservation bodies.
Adjacent to the site, the National Lighthouse Museum has been selected to operate a cultural facility within another historic building associated with the historic lighthouse depot that will share the storied history of the area with residents and visitors.
In 2006, NYCEDC selected Triangle Equities to develop the Lighthouse Point project through a competitive RFP process.
The project sought, and received, several public approvals from all levels of government prior to executing the lease.