$200 Million Mixed-Use Waterfront Destination Obtains Final Approval; Lease Executed on Three-Acre Property
Construction Slated to Begin this Fall to Reactivate Historic Site
New York, NY – April 28, 2014 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) and Triangle Equities today 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% or less of the area median income, reflecting the de Blasio administration’s commitment to creating 200,000 affordable housing units across the five boroughs. 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 thousands of jobs, support existing waterfront amenities, and provide new waterfront uses to the benefit of 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.”
“Today’s announcement marks a key milestone in the decades-long process to transform this underutilized site into a dynamic area that provides jobs, housing, and amenities for Staten Islanders, while helping to transform the North Shore into a world-class destination for visitors,” said NYCEDC President Kyle Kimball. “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.”
“We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island,” said the President of Triangle Equities, Lester Petracca. “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. We anticipate benefitting local businesses, spurring capital investment in the area, growing the community, and, at the broadest level, helping to bring about a new future for downtown Staten Island. It’s a complex, challenging, and ambitious plan, but by embracing that complexity, we’ll be able to unlock substantial value. That’s something we take pride in bringing to all of our projects and we look forward to doing the same in Staten Island.”
At full build-out, Lighthouse Point will create 85,000 square feet of retail; a restaurant and entertainment space; a 12-story, 94,000 square foot residential building housing approximately 80 market-rate housing units and 20 housing units permanently affordable at 60% 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.
“Lighthouse Point will be yet another piece of the puzzle to unlocking the potential of Staten Island’s North Shore,” said U.S. Senator Charles E. Schumer. “Former Borough President James Molinaro, Councilmember Debi Rose and NYCEDC have been great champions of the project because of its economic impact on the community and that’s why I fought so hard to get FTA to give New York City full control of this property. I am pleased that we are well on our way to completing the waterfront redevelopment project and I look forward to watching the transformation unfold.”
“It is an exciting time to be a Staten Islander,” said Staten Island Borough President James S. Oddo. “Amazing things are happening on the North Shore and Lighthouse Point is a key component to the area’s revitalization. Over the next several years we will watch as the North Shore is transformed into a destination as good or better than any in the city. We will see new restaurants and shops open, new jobs created, our cultural organizations thrive like never before, and an influx of tourists spending their money on Staten Island, all improving our local economy.”
“The Triangle Equities Lighthouse Point development project represents a positive investment in our community, an investment that will not only revitalize the waterfront but also have a ripple effect of bringing jobs and amenities to Staten Islanders across the entire North Shore,” said Councilmember Debi Rose. “The affordable housing component of the Lighthouse Point development is also important for me and my constituents, with a ratio that reflects my goal of affordable housing in a mixed-use setting throughout my district.”
“Lighthouse Point is a perfect addition to the many fabulous projects breaking ground in the north shore,” said Leticia Remauro, Chairman of Community Board 1 Staten Island. “This project is especially exciting because it provides a necessary connection between the New York Wheel, Empire Outlets, the Staten Island Ferry, Bay Street Landing and Navy Pier to the south. Providing an active retail/cultural center just south of the ferry will draw tourists onto the island where they can explore our waterfront and spend money. More great news is that Lighthouse Point will provide 20% affordable housing, which means that young earners and retirees will also be able to enjoy waterfront living. I want to thank everyone involved in this project for their steadfast commitment and perseverance. Lighthouse Point has been greatly anticipated and now it’s finally here.”
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, under the Treasury Department until 1903, under the Department of Commerce and Labor from 1903-1939, and under the Coast Guard thereafter. 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, thereby retaining the site’s historic character while creating the capacity for modern uses. 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.
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
About Triangle Equities
Triangle Equities was established in 1986 and has earned the reputation of a well-respected, professional, full service, real estate development firm. Lester Petracca, its principal, has combined the construction expertise he gained as partner at a family operated construction firm, with nearly 30 years of development experience. Triangle and its related entities develop, own, and manage commercial, residential, and mixed use properties in the New York Metropolitan area.
Triangle Equities focuses on “value-added” developments and specializes in city projects, earning an excellent reputation for working together with government agencies and skillfully navigating the most demanding public approval processes. By actively embracing the complexities inherent to responsible urban development, Triangle has achieved sustainable results and unlocked substantial value for its investors, tenants and the communities it builds in.
Kate Blumm/Ian Fried (212) 312-3523