ST. GEORGE — The developer of a $200 million mixed-use project proposed for a long-vacant lot in St. George secured the lease this week and plans to start construction soon.
"We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island,” said Lester Petracca, president of Triangle Equities, in a statement.
“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."
The plans for Lighthouse Point will include more than 100 residential units, a hotel, shops and restaurants, open spaces and a shared workspace for startup businesses, the EDC said.
"It is an exciting time to be a Staten Islander,” Borough President James Oddo said in a statement.
“Amazing things are happening on the North Shore and Lighthouse Point is a key component to the area’s revitalization."
When completed, the vacant lot will house a 12-story residential building with 20 units designated as affordable housing, an urban beach and a series out outdoor recreational areas, the EDC said.
Triangle Equities won permission for the project in 2006 and, after several public approvals, was able to secure the lease on Monday.
The spot was formerly used by U.S. Lighthouse Service Department 1863 to 1966, and had several government buildings on it until the Coast Guard vacated in 1984, when it was given to the city.
The development will be adjacent to the upcoming National Lighthouse Museum, which plans to open the first part of the museum in August.
Construction on Lighthouse Point will start in the fall and is expected to be completed in late 2019, the EDC said.