Lester Petracca’s Triangle Equities will kick off construction on the long-stalled Lighthouse Point waterfront project on Staten Island’s North Shore this summer. The $200 million development is the largest new project in the area since Superstorm Sandy hit in 2012, and will include a 120-unit residential tower, more than 60,000 square feet of retail space and a 160-room hotel. At least 20 of the residential units will be affordable.
The development is located south of the St. George Ferry Terminal, along a pier where a historic lighthouse and Coast Guard base once stood. The plans include the restoration of four historic buildings on the site, one of which will serve as an entranceway and lobby for the new hotel, according to Elysa Goldman, Triangle’s director of development. The developer is leaving room for outdoor courtyards, a waterfront dining spot and an amphitheater for musical performances.
“There’s been a lot of talk about attracting tourists but we want to create a destination that can be enjoyed by local residents as well,” Goldman said.
The New York City Economic Development Corp. tapped Triangle to develop the three-acre parcel back in 2006, but the project was stalled during the downturn. Now, with a stronger economic climate and renewed investor interest in Staten Island, Triangle is set to start the first phase of retail construction near Bay Street. Several retail leases are already being finalized, Goldman said. Botsaris Realty is handling retail leasing, while Aptsandlofts.com is marketing the rental units.
The project is one of the key initiatives taken to revitalize the St. George waterfront. It will be built alongside the New York Wheel — which at a height of 625 feet tall is one of the tallest Ferris wheels in the world–and Empire Outlets, a 340,000-square-foot complex with 125 designer outlets stores.