Regus, one of the main shared-office space providers, will anchor Triangle Equities’ Lighthouse Point on Staten Island. The Luxembourg-based co-working firm will take about half of the 65,000-square-foot office and retail building on the St. George’s waterfront.
The city’s Economic Development Corporation tapped Triangle to develop the three-acre property in 2006, but the project has faced a series of delays.
The development will include a 12-story, 120-unit residential building, more than 60,000 square feet of retail space and a 175-room hotel. At least 20 of the residential units will be affordable.
Work began late last year on the first phase of the project, which is slated for completion in 2017. City officials hope the project, along with along with the New York Wheel and Empire Outlets, will revitalize the waterfront.
The project has both public and private money invested into it — $30 million in construction loans and equity credit from Goldman Sachs Urban Investment Group, and $29 million in construction loans from Citizens Bank, the Journal reported.
The state has proposed $16.5 million in subsidies for the project, but delayed a decision to approve that funding in December.
Regus recently leased a 23,000 square-foot-space at 112 West 20th Street in Chelsea. [WSJ] — Dusica Sue Malesevic