The remaking of Staten Island's North Shore is taking another step forward. Construction is beginning on the last of the big "Core Four" developments that will bring sweeping change to the waterfront. NY1's Bree Driscoll has the story.

The landscape of Staten Island's North Shore is dramatically changing.   

The New York Wheel, Empire Outlets, and a large rental housing development called URBY Staten Island are all taking shape. But there is little visible evidence of the last of the so-called "Core Four" projects.

"We have our approvals all in place, our funding all in place, we have broken ground," said Lester Petracca, CEO of Triangle Equities.

The $200 million Lighthouse Point is planned to sit just east of the Staten Island Ferry Terminal.

Phase one is expected to include a mixture of residential and commercial space.

It's supposed to be complete next year.

Petracca just announced that Regus, a shared workspace provider, will be the project's anchor tenant.

"50 percent leased at this point to a great tenant, so we're excited about that," Petracca said.

While construction of phase one of the project is underway, Petracca says he is also working to secure funding for phase two which includes restoring historic buildings, adding restaurant and office space, and building a new 175-room hotel that will host special events.

"I think you will probably see that start within 12 months," Petracca said.

Petracca said getting to this point was not easy.

"It was a very difficult approval process," he said. "The FTA, United Postal Service, NYC Landmarks and Preservation. Public Design Commission had to sign off on the project."

There was also a disagreement involving state funding

All those issues have been resolved, clearing the way for work to begin.

The wheel and outlets seem to get far more attention, but Petracca says he does not believe his project is being outshined.

"No I think we're all collectively marketing together," he said.

Something many are saying is a win for the borough.

"Hopefully that positivity that's being created in St. George and Stapleton flows up the rest of Richmond Terrace and then eventually flows inland," Staten Island Borough President James Oddo said.