ST. GEORGE — Developers of the large Lighthouse Point project planned for the St. George's waterfront have secured $95 million needed to start building.
Capital market firm HFF announced it got the funds — with the majority being contributed by Philadelphia-based Lubert-Adler Partners LP — this week.
They were needed for developers Triangle Equities to build out the first part of the project, which includes a 13-story residential building with 116 units, a 59,700-square-foot commercial building, a parking garage and a public plaza.
The project, being built on a former U.S. Coast Guard base, hit a snag in December when the state Senate put a hold on $16.5 million in subsidies proposed by Gov. Andrew Cuomo, Politico New York reported.
On Thursday, Staten Island Assembly members Matthew Titone and Michael Cusick announced the funds — including $15 million from a New York Works Capital Fund convertible loan — were approved late last month.
"Lighthouse Point is a key link in the renaissance of the North Shore and I am happy to see that one more hurdle has been cleared in the long overdue revitalization of this area, something that will benefit not only my district but all of Staten Island," Titone said in a statement.
"We worked hard to ensure that Staten Island is not the forgotten borough and that our state agencies see the importance of including us in the economic development plans for New York."
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Lighthouse Point, which Triangle Equities won permission to build in 2006, will include a 175-room hotel and rehabilitate four of the historic former Coast Guard buildings on-site as part of the second phase of development, HFF said.
Plans call for 20 percent of the units to be set aside for affordable housing and retail space for a grocery store and restaurant. The developer plans to finish the project in 2019.
It's one of several huge, long planned developments slated to take shape on the North Shore's waterfront, along with Empire Outlets and URBY Staten Island.
