After a decade of delays, Triangle Equities finally landed financing and broke ground last month on Lighthouse Point, a sprawling mixed-use project next to the St. George Ferry Terminal on Staten Island. Now, YIMBY has new images of the residential, retail, and office complex under construction on the North Shore.
The $200 million development hinged on $16.5 million in subsidies from the state, which held up the funding in December because state senators felt the project might not be feasible. Officials approved the $15 million forgivable loan and $1.5 million grant earlier this year. Then Triangle Equites secured a big chunk of private financing by partnering with real estate investment fund Lubert Adler LLP.
Ultimately, the project will span half a million square feet and include the restoration of landmarked 19th century buildings once occupied by the Coast Guard.
Phase 1 will include a 12-story residential tower with 116 rental apartments and 65,000 square feet of office and retail space at the base. Office space provider Regus signed on as an anchor tenant for the first phase last month, committing to 30,000 square feet, according to WSJ. Twenty percent of the apartments will rent for below-market rates to families making 60 percent of the Area Median Income or less ($46,620 for a family of three).
After work on the rental tower finishes, Triangle will restore the Greek Revival Coast Guard buildings. The repurposed structures will hold 23,000 square feet of retail and office space. A 12-story, 180-room hotel will rise next door, catering to the two million tourists a year who ride the ferry.
Triangle also plans to build a 300-car garage into the hillside and landscape an acre of the waterfront into a public promenade for concerts and events.
Cooper Carry and Garrison Architects are designing the project. Work on the first phase of construction is expected to finish sometime in 2017, and full build-out is scheduled to wrap in 2019.
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