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$200M Lighthouse Point Development Breaks Ground

By Nicholas Rizzi | February 24, 2016 1:24pm
 The $200 million Lighthouse Point development broke ground on the project Tuesday, Feb. 23, 2016, after developers secured the finances for the project earlier this month.
The $200 million Lighthouse Point development broke ground on the project Tuesday, Feb. 23, 2016, after developers secured the finances for the project earlier this month.
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Triangle Equities

ST. GEORGE — A $200 million residential and commercial development on St. George's waterfront broke ground Tuesday after developers secured financing for the project.

The first phase of the Lighthouse Point project, which includes a 12-story residential building with about 116-rental units, a commercial building, a parking garage and a public plaza, plans to open at the former U.S. Coast Guard base in 2017, developer Triangle Equities said.

"We’re thrilled to have our financing in place and for all of the pieces to come together on this very complex and exciting project," Lester Petracca, president of Triangle Equities, said in a statement.

"We are confident that Lighthouse Point will be transformative and serve as a true destination that will greatly impact this waterfront area of Staten Island and the greater New York region."

Aside from the groundbreaking, Lighthouse Point developer Triangle Equities announced that co-worker space Regus signed on as an anchor tenant for the commercial portion of the space and will take up about 30,000 square feet.

"We are thrilled to bring Regus on as our anchor tenant; they are a true testament to Staten Island’s readiness for this area to be a true live, work, play environment," Petracca said.

The developers also plan to include retail shops and restaurants and more than an acre of waterfront public space that can be used for outdoor concerts.

Lighthouse Point — one of several large developments headed to the North Shore's waterfront — was announced in 2006 after Triangle Equities won permission to build on the former Coast Guard site.

The project hit a snag in December when the state put a hold on the $16.5 million in subsidies proposed by Gov. Andrew Cuomo for the site, Politico New York reported.

Assembly members Matthew Titone and Michael Cusick announced the funds — including $15 million from a New York Works Capital Fund convertible loan — we were approved late last month and developers secured the other $95 million needed for the project.

"I fell in love with the Lighthouse Point project from the first time I learned of all the details," Borough President James Oddo said in a statement.

"For decades there have been discussions about how to revitalize this area and it is finally happening right before our very eyes."

The second-phase of the project is expected to include a a 175-room hotel and rehabilitate four of the historic former Coast Guard buildings on the site.