New York-based developer Triangle Equities’ Lighthouse Point development continues to take shape on Staten Island with the completion of a lease to The Learning Experience, one of the nation’s fastest-growing Academies of Early Education for children six weeks to six years old.
The addition of The Learning Experience to Lighthouse Point will accommodate the needs of all local families, whether they are commuters to Manhattan or work in the St. George community.
“With the addition of The Learning Experience to Lighthouse Point, we will be able to provide premium childcare and early education options for families who work or
live in the St. George community, as well as the surrounding areas,” said Lester Petracca, president of Triangle Equities.
“A combined live, work and play environment has always been the vision for this development and The Learning Experience brings that vision closer to reality.
“Once complete, Lighthouse Point will provide all the amenities a full service community desires – from giving small businesses the opportunity to grow within the Spaces co-working space to providing access to fresh food at the Lighthouse Point Market, and now to offering quality childcare including child-friendly outdoor play areas overlooking New York Harbor and summer camps.”
The 11,000 s/f space is located on the plaza side of Lighthouse Point and will overlook the harbor and include an outdoor play area. The lease is for 15 years with two 5-year options.
Peter Botsaris of Botsaris Morris Realty Group represented Triangle Equities in the transaction and ComRealty Group represented the tenant. The Learning Experience currently has more than 200 fully operational centers in the United States, with approximately 100 additional centers under development.
“At The Learning Experience, we strategically choose center locations based on the opportunities to serve working families in need of quality early education and care for their children and to be a positive asset within the communities in which it operates,” said Nick Vanella, Executive Vice President of Real Estate with The Learning Experience.
Currently underway, Phase 1 of the development includes 65,000 s/f of retail and office space, where The Learning Experience, Lighthouse Point Market and Spaces co-working office space will be located, along with a 12-story residential tower with 115 rental units.
Over an acre of waterfront open space will be accessible to the public. The development will also include a 300-space public parking garage.
Lighthouse Point is part of the City’s ongoing effort to transform the North Shore of Staten Island and to drive economic growth and create thousands of jobs.
The project was financed with a mix of public and private sources including debt and tax credit equity from the Goldman Sachs Urban Investment Group, a loan from Citizens Bank, capital from the Empire State Development Corporation and the City of New York, and equity from Lubert-Adler.