The Real Deal New York

State Senate delays funding for Lighthouse Point project

Some voiced concerns over the developer's progress on the project

December 18, 2015 12:45PM


Rendering of Staten Island Lighthouse Point 

State Senate Republicans held off Wednesday on reviewing more than $16 million in proposed state funding to the Staten Island Lighthouse Point project amid some concerns over the project’s progress.

The state has proposed providing the developer, Triangle Equities, with a $1.5 million grant and a $15 million forgivable loan to support the long-stalled project, which includes a 120-unit residential tower, as well as stores, offices and restaurant space. The subsidies appeared on the Public Authorities Control Board’s agenda on Wednesday, but was taken off after roughly three hours of discussion between Gov. Andrew Cuomo’s aides and Senate staffers, Politico reported.

It’s not exactly clear why the board delayed discussing the subsidies, but state Sen. John DeFrancisco told the website that Republicans are concerned about Triangle Equities’ lack of progress on the project and whether it will secure financing from other sources. The New York City Economic Development Corp. tapped Triangle to develop the three-acre property in 2006, and the project has since faced a series of delays.

Lighthouse Point is one of three projects — along with the New York Wheel and Empire Outlets — that aim to revive the St. George waterfront. [Politico] — Kathryn Brenzel