NYCEDC Selects Developer for Lighthouse Harbor Site in Staten Island
Project Will Create 900 Jobs, Quality Residential and Retail Space, And Contribute to National Lighthouse Museum.
New York City Economic Development Corporation (EDC) designated Triangle Equities Development Company LLC to acquire and develop the three-acre Lighthouse Harbor Site adjacent to the St. George Ferry Terminal in Staten Island. Triangle proposes to renovate three historic buildings (Buildings 6, 7 and 8) and six unique underground vaults for retail and residential uses, and construct two residential buildings and parking facilities on the vacant areas of the site. The City will retain ownership of Buildings 10 and 11 which will be leased to the National Lighthouse Museum for its future home. The $105 million project is expected to create 250 full time and 650 construction jobs and generate $98 million in revenue for the City over 25 years.
“The Lighthouse Harbor site is an important and historically significant site and EDC’s designation of Triangle Equities is a major milestone in its development,” said EDC President Robert C. Lieber. “The project will provide quality residential and retail development and improved public spaces for the local community and visitors. It will also help the long-awaited National Lighthouse Museum project move forward.”
“With the final selection and support from the developer to help construct the Lighthouse Museum, I believe we’ve finally reached the end of a long road,” said Staten Island Borough President James P. Molinaro. “Ever since 1997, when Staten Island was picked as the site for the National Lighthouse Museum, we’ve worked very hard to make it a reality. Now, the St. George to Homeport site, with its magnificent vista of the New York Harbor, will at last take its place as one of New York City’s ‘must see’ features.”
Triangle Equities was selected for development of the site as a result of a Request for Proposals. Triangle’s proposal includes about 200 residential units in two newly-constructed residential buildings and approximately 45,000 square feet of retail in Buildings 6, 7, and 8, as well as the six underground vaults. Tenants will include a restaurant and multiple local and national retailers. Appropriate parking will be provided.
The Triangle project features extensive open space that will reflect the historic nature of the site. The City will retain ownership of Pier 1, a public pier adjacent to the site, as well as the adjoining public plaza and esplanade.
“I am simply elated that this long-awaited project is finally moving forward,” said Councilmember Michael E. McMahon. “The Lighthouse Museum will surely prove a prime attraction for Staten Island visitors. It will also promote tourism and spur economic development in the Borough.”
The developer will also contribute to the renovation and fit-out of Buildings 10 and 11 for the National Lighthouse Museum. In 1997, the Museum selected the site for its new home through a national competition. The City has invested $6.5 million in the stabilization of the two buildings.
“I am very excited that EDC has given Triangle Equities another opportunity to provide a deserving neighborhood quality housing as well as a cultural and retail destination,” said Lester Petracca, President of Triangle Equities. “We look forward to working with the City and the local community as we move toward the next steps in this development project.”
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. EDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. EDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.