Construction on $200M Lighthouse Point to Begin This Fall

NEW YORK CITY—Triangle Equities says that with the recently announced lease of the three-acre development site in the St. George district of Staten Island, it will begin construction this fall on the $200-milion mixed-use Lighthouse Point project.

The lease of the development site was executed between the Whitestone, Queens-based developer and the New York City Economic Development Corp. Triangle officials say the groundbreaking will be roughly parallel to the start of construction nearby on the Western Hemisphere's largest Ferris wheel— the New York Wheel, and Empire Outlets, New York City's first retail outlet center, all to be developed on the Staten Island waterfront.

“We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island,” says Triangle Equities President Lester Petracca. “This is an exceptional project and we are excited to begin construction.”

Key components of Lighthouse Point will include: a 12 story, 94,000-square-foot residential tower that will house approximately 100 units, 20 of which will be perpetually affordable; 85,000 square feet of retail, restaurant and entertainment space; an upscale and flagged hotel that will contain more than 160 rooms; communal-style workspace for startup businesses and accelerators; outdoor lounge areas; a number of fine dining establishments and a host of other amenities including amphitheater space, an urban beach, a merchant house and the restoration of several historic buildings, a historic wall and multiple underground vaults at the site.

“We envision Lighthouse Point to ultimately serve as a full scale destination experience,” Petracca says. “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.”