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Staten Island, NY (2016)

Lighthouse Point

Mixed-use development brought fresh food, accessible healthcare and job opportunities to a highly distressed community in the South Bronx.

Investment

  • NMTC Amount: $26,839,627
  • Total Project Cost: $60,050,000

IMPACT

  • 340 FTE jobs
  • 298 construction jobs
  • 60,000 sq. ft. of real estate

Investor

Project Description

Lighthouse Point is a mixed commercial and Residential development. Triangle Equities Development Company transformed a long vacant site into a transit-oriented, commercial and residential project, catalyzing the capital investment necessary for the community to achieve a full recovery from the devastation wrought by Hurricane Sandy in the Fall of 2012. Phase 1 construction included the development of a 60,000 sq-ft, three-story retail building along Bay Street that incorporates the Lighthouse Depot’s historic brick perimeter wall into the building façade and a 118 unit residential tower with 20% of the units permanently affordable at 60% AMI. The retail building is anchored by a NYC FRESH program grocery store that provides nearly 15,000 sq. ft. of supermarket space to a community in a USDA-designated Food Desert area and a co-working space which will facilitate entrepreneurship and small business job creation. The project created approximately 298 temporary construction jobs and 264 new full-time permanent jobs, while retaining 76 full-time jobs in a census tract with a 14.4% Unemployment Rate and a 21.9% Poverty Rate.

MAP

Address: 5 Bay Street, Staten Island, NY 10301

Census Tract: 36085000300

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