Triangle Equities Moving Forward on SI Lighthouse Point Development
Kim Velsey April 28, 2014, 6:35 p.m.
Developer Triangle Equities announced today that it has executed a lease for a three-acre site in St. George, Staten Island, clearing the way for construction to begin on a $200 million mixed-use project known as Lighthouse Point. The project marks the latest contribution to a flurry of recent development—including the New York Ferris Wheel and the Empire Outlets—that is aiming to transform the quaint but down-at-the-heels district into a destination capable of luring tourists off the ferry.
The Lighthouse Point project, which did not require a full public review, is slated to include more than 100 residential units, a hotel with 164 rooms, 85,000 square feet of retail and restaurants, as well as public open space and parking, on an abandoned pier with a lighthouse and Coast Guard base that is adjacent to the ferry terminal and the Stapleton waterfront. (Bonus, there will also be an urban beach!) Twenty percent of the housing units are expected to be affordable, according to the New York City Economic Development Corporation, which is partnering with Triangle Equities on the project.
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