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The New York City Economic Development Corporation has announced the selection of Triangle Equities to develop the three-acre Lighthouse Harbor site, which sits adjacent to the Staten Island Ferry in St. George.

The project will continue the revitalization of the St. George community, which strives to be the City's next great gentrification story.

The developer plans to renovate three historic buildings and six unique underground vaults at the site for both retail and residential uses, and construct two new residential buildings and parking facilities on the vacant areas of the site. The City will retain ownership of two other buildings, which will be leased to the NationalLighthouseMuseum for its future home.

The $105 million project is expected to create 250 full time and 650 construction jobs and generate $98 million in revenue for the City over 25 years.