so what the heccin' heck is going on with the long stalled out lighthouse point project in staten next to the ferry?
good news -- scaffolding is up and work has restarted.
‘All we see is failures’: Construction resumes at Lighthouse Point, but North Shore residents doubt its completion
Published: Oct. 08, 2022, 5:50 a.m.
By Jessica Jones-Gorman |
jgorman@siadvance.com
STATEN ISLAND, N.Y. -- If the Lighthouse Point project in St. George was built according to its original fundamental plan, North Shore residents would have benefitted from the $250 million mixed-use space for the past five years, and the neighborhood would have been enhanced with new office space, a few restaurants and a much-needed supermarket. But more than 60 months after the property’s developer first broke ground, there is no luxury apartment building. There is no retail oasis. And there is no evidence of the proposed Westin Hotel.
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The new anticipated completion date? Late spring 2024.
“Replacement construction manager, March Associates, has mobilized at the site.. parking garage construction has resumed… staging/scaffolding equipment has been erected in preparation for completing the residential façade,” Petracca’s slide presentation read.
According to Petracca, the construction restart was a result of the litigation with the “nonperforming surety” settling in 2021 with “dollars awarded to fund completion of the project.” The developer also noted that a ground lease extension was recently granted by the city, increasing the life of the occupancy agreement by 50 years.
“This extension is necessary to secure financing for completion of the project,” Petracca said, announcing that the lease has now been extended from 49 years to 99.
more:
https://www.silive.com/business/2022...ompletion.html
my current pic
the previous five years
Construction at Lighthouse Point in St. George, seen here in a 2020 file photo, has resumed. According to developers, the new target date for completion is spring of 2024.
(Staten Island Advance/ Jan Somma-Hammel)