$200M Mixed-use Development on Staten Island

Governor Kathy Hochul today celebrated the completion of the first phase of Lighthouse Point, a mixed-use project developed by Triangle Equities that brings new housing, commercial space, and economic opportunity to Staten Island's St. George waterfront. The site, which once served as the U.S. Lighthouse Service General Depot guiding ships safely into New York Harbor for over a century, has been transformed into a modern, walkable, transit-oriented waterfront community. The first phase of the development features 115 new residential units, 60,000 square feet of commercial space, and 274 parking spots. Backed by $16.5 million in State investment through Empire State Development, this project addresses critical housing needs while spurring economic opportunity on Staten Island's North Shore.

“For more than a century, this historic site served as a beacon for ships navigating into New York Harbor, and today Lighthouse Point becomes a beacon for Staten Island's economic future,” Governor Hochul said. “This development exemplifies our commitment to creating housing opportunities that work for all New Yorkers — from market-rate homes to affordable units for working families — while honoring our state's rich maritime heritage. When we invest in transit-accessible, mixed-use developments like this, we're building the foundation for thriving, inclusive communities.”

Empire State Development President, CEO and Commissioner Hope Knight said, “Empire State Development's $16.5 million investment in Lighthouse Point represents exactly the kind of partnership that delivers transformative results for New York communities. We're not just preserving a treasured piece of our maritime history — we're creating quality homes, good jobs, and vibrant commercial spaces that will serve Staten Island residents for decades to come. This project demonstrates how strategic investments can help unlock complex developments that honor the past while building economic opportunity for the future.”

From 1863 to 1966, the Lighthouse Point site served as the U.S. Lighthouse Service General Depot, functioning as the operational headquarters for lighthouse services across the entire United States for over a century. This critical maritime facility operated under the Treasury Department until 1903, then under the Department of Commerce and Labor through 1939, before transitioning to Coast Guard oversight. The site remained active until 1966 when the Coast Guard relocated operations to Governor's Island, with the New York Harbor Pilots' Association maintaining a presence until 1984. After sitting vacant for decades, the property was transferred to the City, setting the stage for today’s redevelopment.

The development is expected to create approximately 100 permanent jobs and has generated over 1,200 construction jobs during the building of phase one. Located steps from the St. George Ferry Terminal, Lighthouse Point provides residents with direct access to Manhattan while contributing to the ongoing revitalization of Staten Island's North Shore. The development team has rehabilitated and repurposed the site’s historic wall along Bay Street by incorporating it into the building.

The residential offerings of Lighthouse Point span studio, one-bedroom, one-bedroom with home office, and two-bedroom layouts, all featuring modern finishes including high ceilings, in-unit laundry, kitchens with stainless steel appliances and quartz countertops, and contemporary bathrooms with premium fixtures. Building Amenities include a harbor-view terrace, a modern fitness center, and a rooftop lounge offering panoramic views of New York Harbor. The commercial component will anchor several key tenants including the College of Staten Island Tech Incubator, The Learning Experience childcare center, and Club Pilates, with additional retail and service providers to be announced.

The project was made possible through a strategic partnership that included $16.5 million in state support from Empire State Development, which helped close a critical financing gap for the complex development that required extensive historic preservation work and site remediation. The project was identified as a priority by the New York City Regional Economic Development Council, aligning with the state's strategy to revitalize formerly distressed waterfront areas through targeted investment and planning.

NYCREDC Co-Chairs Félix V. Matos Rodríguez and William D. Rahm said, “Lighthouse Point demonstrates what's possible when we combine regional vision with strategic planning. By transforming a long-vacant, historically significant site into a thriving hub of housing, commerce, and innovation, this development delivers urgently needed affordable housing while positioning Staten Island's North Shore as an economic powerhouse that will benefit residents and businesses for generations to come.”

Assemblymember Charles Fall said, “For far too long, Staten Island’s waterfront has felt out of reach for the very people who live alongside it. This project reclaims the shoreline for the community — creating new housing opportunities, reconnecting residents to the harbor, and building space for families, workers, and entrepreneurs to thrive. It’s a landmark investment in the future of St. George and the entire North Shore, setting a bold precedent for what truly community-driven development can and should be.”

Triangle Equities President and CEO Lester Petracca said, “Triangle Equities is proud to bring a slew of new housing, retail, and job opportunities to the community, while ushering in an era of economic growth for the region with support from our partners at ESD. It has been an honor to work alongside ESD, NYCEDC, and our project partners throughout the development process, and we look forward to continuing our joint mission to bring much-needed affordable housing to Staten Island’s North Shore through this phase of Lighthouse Point.”