Triangle Equities has broken ground on its $200m Lighthouse Point project on Staten Island, New York.
The project has been designed by Cooper Carry and Garrison Architects and is being built by Hollister Construction Services.
Phase one of the project will include the construction of 65,000 sq ft of retail and office space, along with restaurant space, entertainment space, a 12-storey residential building with 116 apartments, a parking garage and a public plaza. The first phase is expected to be completed in 2017.
Shared workspace provider Regus will occupy 30,000 sq ft of space under a 15-year lease.
The project will also include the rehabilitation of four historic structures, historic wall and several underground vaults situated on the project site following the completion of the first phase. This will enable additional restaurant, office and hospitality space such as a 145,000 sq ft 175-room hotel.
The project will be funded by a mix of private and public sector groups that include $30m of construction loans and tax credit equity from Goldman Sachs Urban Investment Group, $29m of construction loans from Citizens Bank, $16.5m from Empire State Development, $6.2m of capital from New York City, as well as joint venture equity from Triangle and Lubert Adler.