$200M Lighthouse Point to Begin Construction This Year

After years of starts and stops, Triangle Equities is preparing to kick off construction on the $200 million Lighthouse Point mixed-use development, at a long-vacant three-acre site on the Stapleton waterfront in Staten Island. The long-stalled waterfront project is the largest new project in the area since Superstorm Sandy hit in 2012.

Directly adjacent to the St. George Ferry Terminal and the Stapleton waterfront, Lighthouse Point will span 485,000 square feet and include more than 100 residential units, 20% of which will be permanently affordable; a hotel; a diverse mix of retail shops and dining options; considerable public open space; and parking.

New York Wheel, Empire Outlets, and the New Stapleton Waterfront, Lighthouse Point is a key element of city’s 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.

The project is the product of a public-private partnership with the City of New York.

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 120 rental units - with 20% of the units set aside as permanently affordable; a 180 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 consists of a 62,000 SF retail building on the corner of Bay Street and Borough Place with retail stores, fresh food supermarket, restaurants and entertainment space.

Above this retail building, a residential tower will be constructed for approximately 109 rental apartments.

Along the waterfront esplanade, the four historic buildings of the U.S. Lighthouse Depot Complex will be repurposed into over 23,000 SF of restaurant, office and hospitality space and provide a linkage to the 140,000 SF, 180-room new hotel tower.

Parking for 400 cars will utilize the site topography and be built into the hillside in a new garage.

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.

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.

Click to enlarge

The Lighthouse Point Redevelopment is expected to create approximately 374 permanent jobs and over 688 construction jobs.

Construction is anticipated to commence later this year, with project completion slated for late 2019.


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