Oddo: ‘Lighthouse Point will be a funky place to live’
STATEN ISLAND, N.Y. — Borough President James Oddo called Lighthouse Point — the $200 million, mixed-use project taking shape on the St. George waterfront — “a funky place to live” during an official groundbreaking for the development Wednesday.
Admitting that Lighthouse Point was his "favorite" of the "core four" major development projects -- which also includes the New York Wheel, Urby
and Empire Outlets
-- Oddo touted the efforts of Triangle Equities for getting the project off the ground after a decade of planning.
"I love the Wheel. I love Empire Outlets. I love Urby. But this is my favorite of the four projects. Staten Island is overwhelmingly a bedroom community. ... That doesn't mean we can't have a safe, hip, clean, diverse waterfront community, and this is going to be that," said Oddo.
Said former Borough President James P. Molinaro, who was a driving force behind the project when he was in office: "I'm excited this has finally come to fruition. ... I think this project played a part in why the outlet center and Wheel are coming here."
Lester Petracca, president of Triangle Equities, noted that there are more than 10 funding pots that have contributed to making Lighthouse Point a reality.
"Those who live here will have unprecedented views of New York Harbor, Lady Liberty and the glorious Manhattan skyline," he said.
Phase I includes the development of a 12-story residential tower with approximately 116 rental units of which 20 percent will be dedicated to affordable housing.
Construction on the project, which started earlier this year, calls for a mix of unique retail shops and restaurants, as well as outdoor eating and entertainment space.
Additionally, more than an acre of waterfront public open space will be programmed for outdoor concerts, art exhibits, food festivals and other events, and an approximately 300-space parking garage will be added to the development.
So far, a co-working space will be the anchor of the office space in the complex. Regus, which signed a 15-year lease, will occupy approximately 30,000 square feet of the nearly 65,000-square-foot area dedicated to retail and office.
"Regus, our anchor tenant, will help generate the live-work-play environment that our team has aimed to create," said Petracca.
Phase II will include rehabilitation of the four historic structures, the historic wall, and multiple underground vaults that exist on the site.
The complex is listed on the National Register of Historic Places, and Triangle Equities said it plans to restore the property's "sense of history, while also incorporating the historic structures for modern uses."
This will allow for more than 23,000 square feet of restaurant, office and hospitality space, including a new 145,000-square-foot, 175-room hotel tower featuring approximately 15,000 square feet of event space.
In addition to the more than $1 billion investment into the transformation of the St. George waterfront, Lighthouse Point will contribute to the realized vision of "Destination St. George," which will attract millions of people to live, work, and visit.
Construction of the first phase of the project is slated for completion in December 2017.
Source: Lighthouse Point groundbreaking in St. George