Work has begun on a mixed-used development at a former U.S. Naval base site on Staten Island. New Jersey-based Ironstate Development Co. will invest $150 million in the project, which will include two buildings with 900 market-rate rental apartments, 30,000 sf of ground-floor retail, 600 parking spaces, and a public plaza.
The LEED-certified buildings, four and five stories high, will be within easy walking distance of the St. George Ferry Terminal. Ironstate was selected in 2009 to transform seven acres of the 36-acre Homeport site after more than a decade of discussions to redevelop it.
New York City plans to contribute $32 million for the project in infrastructure improvements and construction of a six-acre waterfront esplanade. Staten Island Borough President James Molinaro has committed $1 million to improving the Staten Island Railway's Stapleton station located next to the development.