State Senate delays funding for Lighthouse Point project

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

New York /
Dec.December 18, 2015 12:45 PM

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


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
The exterior of the home with Marlon Brando as Don Corleone (AirBnb, Illustration by The Real Deal with Getty)
Live like a don: “Godfather” mansion touted on Airbnb
Live like a don: “Godfather” mansion touted on Airbnb
City Planning Commissioner Hope Knight and a rendering of the new Penn Station (NYC Department of City Planning, Getty Images)
State greenlights massive Penn Station development plan
State greenlights massive Penn Station development plan
(iStock/Illustration by Kevin Rebong for The Real Deal)
Staten Island isn’t like the rest of NYC, but its housing market is
Staten Island isn’t like the rest of NYC, but its housing market is
Land owned by Boy Scout troops across America could soon be up for grabs. (Getty)
Scramble is on to develop, preserve Boy Scout campgrounds across country
Scramble is on to develop, preserve Boy Scout campgrounds across country
Madison Realty Capital's  Zach Kadden with 364 Bay Street (LinkedIn, Loopnet)
Madison Realty Capital plans 100 small apartments, a NYC rarity
Madison Realty Capital plans 100 small apartments, a NYC rarity
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...