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Triangle Equities Closes on Land for Transformative Staten Island Lighthouse Point Development, Announces Additional Project Details

Construction of $200 Million Mixed-Use Unique Waterfront Destination Begin This Fall

STATEN ISLAND, NY -- (Marketwired) -- 05/16/14 -- New York-based developer Triangle Equities ("Triangle") today announced additional details of its $200 million mixed-use project, Lighthouse Point, following the recent announcement by Triangle and the New York City Economic Development Corporation ("NYCEDC") that the lease of the three-acre development site in the St. George district of Staten Island had been executed. Triangle anticipates beginning construction this coming fall.

Lighthouse Point, which will bring together an unprecedented array of services and amenities on Staten Island, is expected to play a primary role in the rejuvenation of the Staten Island waterfront. It will serve as both a gateway to the borough, enjoying immediate proximity to the Ferry Terminal, and as an ultimate full-service destination for tourists, residents and businesses.

"We believe Lighthouse Point will contribute greatly to the renewal and rediscovery of Staten Island," said the President of Triangle Equities, Lester Petracca. "This is an exceptional project and we are excited to begin construction."

Groundbreaking on the project will be roughly parallel to the start of nearby construction of the Western Hemisphere's largest Ferris wheel -- the New York Wheel -- and Empire Outlets, New York City's first outlet center. While they all bring a new and unique aspect to the area, the three developments will complement one another in revitalizing the Staten Island waterfront.

Lighthouse Point is distinct in that it will be the only new area project to include residential units, 20% of which will be perpetually affordable, and an on-site hotel that will feature luxury amenities with an attached merchant market. Both components will offer residents and guests unparalleled waterfront views.

Additionally, Lighthouse Point will create a charming old-world merchant village atmosphere, with curated specialty shops and restaurants and substantial open space that will host outdoor exhibits, musical performances, and additional seasonal entertainment and activities adding to an existing esplanade. The village concept has been designed to stay true to Staten Island's history, and each of the project's aspects will be elegant and customized, developed in a way that will create an unrivaled holistic, integrated and beautiful experience.

In 2006, the NYCEDC selected Triangle Equities to develop the Lighthouse Point project through a competitive RFP process. Along with the New York Wheel, Empire Outlets, and the New Stapleton Waterfront, Lighthouse Point is a key element of NYCEDC's ongoing effort to transform the St. George waterfront into a dynamic civic hub that will drive economic growth, create thousands of jobs, support existing waterfront amenities, and provide new waterfront uses to the benefit of visitors and residents alike.

Lighthouse Point will ultimately bring together:

  • 85,000 square feet of retail, restaurant and entertainment space;
  • A 12 story, 94,000-square-foot residential tower that will house approx. 100 units;
  • A 160+ room upscale and flagged hotel;
  • Communal-style workspace for startup businesses and accelerators;
  • Open, outdoor lounge areas;
  • A variety of fine dining experiences;
  • Private dining rooms within the historic, hillside vaults;
  • A merchant house and village, featuring specialty attractions such as greenmarkets, bike shops, and wine and cheese shops;
  • An amphitheater space for exhibitions and a banquet hall;
  • An urban beach;
  • Breathtaking views of the harbor, preserved at every portion of the development;
  • The restoration of several historic buildings currently located on the site;
  • Steps from the ferry terminal; and
  • A series of outdoor living areas meandering through the site, all with unmatched views of the harbor, lower Manhattan and the NY wheel, connecting the community to the waterfront.

Construction will include the rehabilitation and repurposing of the four historic structures, the historic wall, and multiple underground vaults currently situated on the site. The complex is listed on the State and National Register of Historic Places and Triangle and its team plan to restore the property's sense of history, while also incorporating the historic structures for modern uses.

Lighthouse Point is expected to create approximately 226 permanent jobs and over 400 construction jobs; construction is anticipated to commence this fall, with project completion slated for late 2019.

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