While specific terms of the agreement were not disclosed, Cappelli emphasized that the investment is solely in the One City Place tower.  His companies remain the sole owner of the retail, entertainment and condominium components of City Center.

Cappelli Ebullient.

In his news release from Thompson & Bender, Cappelli released a statement describing JPMFAM's coming into the project as a  “tremendous vote of confidence not only in City Center, but in the entire City of White Plains.  The level of interest in White Plains by major investment funds is extremely strong.  Investors see White Plains as offering a dynamic and positive environment.  This is a tribute to the foresight and approach of Mayor Joseph Delfino and the City Council.  White Plains is not just a place where shoppers and new residents want to be, but it has rapidly emerged as a community where major institutional investors want to be, as well.”

He added:  “When a player like JP Morgan Fleming makes a major investment such as this, it highlights how successful White Plains has become as a national model for economic development in a small city.  It is particularly gratifying for me as a private developer to realize the significant impact City Center is having in drawing so much positive attention to this community.”

J. P. Morgan invested with Trammell Crow before.

Trammell Crow Residential is Louis Cappelli's rental agent, which he said he was familiar with from their work with his Ridgeview Development. Trammell Crow Residential is a completely separate company from Trammell Crow, based in Dallas. Though a spinoff of Trammell Crow, Trammell Crow Residential has now working relationship with the other Trammell Crow.

J.P Morgan Fleming Asset Management owns two projects of the Dallas company, two in Los Angeles which Trammell Crow is reported to break ground on today, a massive office and residential complex on Avenue of the Stars, and Century Plaza, a new office complex. Trammell Crow manages those properties for J.P. Morgan, which owns them. Trammell Crow also built a massive high rise residential apartment building at 655 N. Central Avenue in Los Angeles, named Glendale Plaza, which JP Morgan purchased from Trammell Crow  in 1999.

Details, Details. 13 Leases Signed at One City Place.

The investment agreement, Cappelli said, will not change the leasing and management structure that is in place for One City Place.  Trammel Crow Residential Services, one of the nation’s leading residential leasing and management companies, will continue to handle these activities. 

Since its “soft” opening two weeks ago, One City Place has taken 13 leases ranging from $1,430 to $4,590.  Residents are expected to begin moving into apartments on the first 14 floors of the tower in April, with the entire tower slated for completion by the end of May. 

Trammel Crow Property Manager Kristine Ragone said the level of interest has surpassed their expectations.  “It’s unprecedented to take 13 leases and have close to 100 interested renters visit during a soft opening period without any type of advertising or promotion.   It certainly confirms our belief that One City Place is a very special address.”

City Center Progress Report

Much of the retail/entertainment component of City Center is now open including Target, Circuit City, the White Plains Performing Arts Center and the National Amusements Multiplex Cinema, as well as Applebee’s and Green Point Bank.  Filene’s Basement is scheduled to open April 28, followed by Barnes & Noble, Legal Seafood, and Zanaro’s Italian Restaurant. 

Recently announced leases with Office Max and other tenants leave only about 30,000 square feet of the approximately half million square feet of retail/entertainment space available, and leases are pending for the balance.

City Place South Comments and Renaissance Square.

The south residential tower, known as City Place South, is under construction.  It will include 211 luxury condominium apartments.  A separate building containing 29 luxury Soho-style loft condominiums is also under way.  These final two components of City Center are scheduled to open by June 2005.   

Cappelli said he is now anxiously anticipating the start of construction on his second major downtown White Plains project, Renaissance Square.  This $350 million project includes a tower with a luxury hotel and condominium apartments and an office tower.

“The partnership with a major investor in One City Place encourages us to move forward quickly with the new project,” he stated.  “With site plan approval expected in May, we intend to immediately begin the demolition of the old storefronts on Main Street.  That will be followed by the excavation work for the foundation of the new complex.”

City Hall Timetable. Bar Building Applies Official for Landmark Status

George Gretsas, the Executive Officer for Mayor Delfino, told WPCNR Wednesday, demolition of the 221 Main block was expected to begin in three weeks.

Meanwhile in a related development involving the Bar Building, Jack Harrington of the White Plains Historical Society, told WPCNR that Anthony Longhitano's (Bar Building owner) application to make the Bar Building at 199 Main Street an historically designated building had been completed and sent to the National Trust for Historic Preservation within the last week and a half.

More Jing to Come. $305 Million Expected.

Cappelli predicted that the investment by JP Morgan Fleming would not be the last by major institutional investors in White Plains.  “The potential for another $300 million in investment partnerships is very real, and more will likely follow.  The entire institutional investment community has come to realize that White Plains has emerged as the premier location to live, work, shop and play.  This is something the entire community can be proud of.”