New York City — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island.
Triangle, along with its partner Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups including $30 million worth of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million worth of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City and joint venture equity from Triangle and Lubert Adler.
The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant and entertainment space, and a 12-story residential tower with 116 apartment units.
Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site.
This repurposing will allow for additional restaurant, office and hospitality space, including a 145,000-square-foot 175-room hotel with 15,000 square feet of event space.
Cooper Carry & Garrison Architects is providing architectural services for the project, which is being constructed by Hollister Construction Services.