Another major housing project in New York City has already shown signs of resuming construction after much delay. The site for Lighthouse Point has been shuttered and still for some months now, even before the COVID-19 outbreak, but signs of life have begun to emerge as Triangle Equities oversees a safe return to work for the laborers involved.
The real estate development firm is known for its approach to urban development that includes public-private partnerships, targeting underdeveloped and high-potential opportunities, and creative financing.
Their philosophy can be seen in its plans for the $250 million dollar Lighthouse Point, set in the empty United States Lighthouse Complex on Staten Island, a historic landmark that is to be revitalized into a functional, mixed-use property with retail and residential space, including affordable housing options.
What Led to Construction Delays for Lighthouse Point?
Given the project’s status as essential construction because of its affordable housing offerings, Lighthouse Point saw little in the way of delay due to the coronavirus, as many construction endeavors did. Its troubles came much earlier than that, on two fronts:
- One came from a partial stop-work order due to what sources called “inadequate guardrails” and “housekeeping” at the location.
- Another came from the project’s contractor, Hollister Construction Services, filing for Chapter 11 bankruptcy protection in September of 2019.
Triangle Equities would report by December that they were on the verge of hiring a new contractor, and have since done so in the months since.
Lighthouse Point: What Will the Finished Project Look Like?
Triangle Equities outlines the development of Lighthouse Point in two phases. The first, which was estimated to complete last year but may still be in the works, would address:
- Over 60,000 square feet of retail space
- A residential tower containing 115 apartments, twenty percent of which would be designated affordable housing
- A parking structure with 300 spaces
Phase II, set to commence this year, will:
- Construct more parking for an additional 100 cars
- Add another 23,000 square feet of retail, restaurant, and office space
- Build a 175-room hotel and event space
It is possible that the aforementioned delays halted the full completion of Phase I. Since Lighthouse Point remained designated as essential for its housing options, it stands to reason that the residential portion of the project is still underway.
What Remains to Be Finished?
Phase II will be ready to kick off soon. With a projected completion in the summer of 2021, and more delays than anyone is likely to care for, this remains to be seen. In early June, the DOB reported that people were on site to make repairs to fencing, sidewalks, and to adjust other violations found during a previous inspection. Spokespeople for Triangle Equities reported that their new contractor would be taking care of the final preparations for safety and readiness but declined to reveal a new schedule for completion or details about their newly hired contractor. Announcements may follow in the near future.