WPCNR MAIN STREET JOURNAL. By John F. Bailey. August 16, 2004: “SuperDealer” Donald Trump rolled into White Plains in his black limousine in a downpour Monday morning, to appear with his Superpal “SuperDeveloper” Louis Cappelli to celebrate the “Topping Off” of Mr. Trump's 35-story, 221-residence Trump Tower at City Center. A giant flag was unfurled at the top of the tower and red, white, and blue streamers were launched by paper cannons into the rain from the summit.
SUPERDEALER, SUPERDEVELOPER AND SUPERMAYOR: Donald Trump, left, Louis Cappelli, second from left, and Mayor Joseph Delfino pull the lever to raise the flag on Trump Tower at City Center. Behind the Mayor, partially hidden is County Executive Andy Spano. Third from left is State Senator, Nicholas Spano. Photo, Courtesy Compelli Enterprises.
TRUMP TOWER AT CITY CENTER TOPPING OFF TODAY: 35 Stories, 212 luxury condominiums. Mr. Cappelli saluted the building trades who Cappelli said put up the Trump Tower at a rate of three floors a week. Mr. Cappelli said this would enable to close in the building by November with occupancy expected in the summer of 2005. Photo by WPCNR News
GOIN UP: Renaissance Square on Main Street, hotel-condominum-office complex will rise on this site. It will include a 6-story, 175-room luxury hotel with two residential towers with 290 luxury apartments. The towers will soar 350 feet skyward. A 28-story Office Building is planned on the Hamilton Avenue side. Mr. Cappelli has not named a hotelier yet. Photo by WPCNR News.
Next, the two titans of triumph joined for a symbolic beginning of demolition of 221 Main Street where Mayor Joseph Delfino, County Executive Andy Spano and Charles Gargano of the Empire State Development Corporation launched a wrecking ball that collided with facade of the vacant storefronts on Main Street.
Mr. Cappelli also announced he had completed financing of $250 Million for the first phase of the hotel-condoplex on Main Street graced with the name, Renaissance Square.
MOB SCENE AT ZANARO'S: Afterwards SuperDealer and SuperDeveloper trooped into Zanaro’s where observers said Mr. Trump was “mobbed.” A who’s who of city, county and state officials milled about Zanaro’s for a Topping off and Tearing Down party, where Mr. Cappelli told WPCNR he has secured financing for Phase 1 of the 221 Cappeli Hotel, with financing for the office building portion of the project to come later. Photo by WPCNR News
DONALD TRUMP PLACES SOME OF HIS CHIPS IN WHITE PLAINS: (WPCNR was not able to be present for the media crush that encircled the celebrity developer, who brought participants in his television show, The Apprentice, with him), is quoted in the release as saying, "The opportunity to create a luxurious, beautifully appointed, cutting edge residential tower i the center of Westchester's leading city is genuinely exciting. I have long seen Westchester County as offering among the finest residential housing opportunities in the nation, and now Trump Tower will deliver a completely new dimension in suburban living. Trump Tower at City Center will offer the finest in luxury living within a downtown that has come alive with new activity and excitement. Downtown White Plains and City Center have quickly emerged as among the hottest destinations in the Metropolitan area to work, play and shop -- now with Trump Tower at City Center people will have the opportunity to live in the center of the action." Photo by Photorazzi.
SuperDeveloper, Louis Cappelli, taking time out to be interviewed by reporters for the VIP Kids Express. Sean Smith, third from the left asked the SuperDeveloper what firm was going to be running his hotel. At far left is Deante Leggetti. In center is Giovanni Mastracchio, Youth Services Coordinator at the Coachman Family Center in White Plains. Photo by WPCNR News.
Cappelli announces he has his $250 Million in Financing for Renaissance Square.
Mr. Cappelli, speaking to WPCNR said that the Bank of Scotland has joined investors in his Cappelli Hotel and condoplex. “They were brought to us by Union State Bank. Union State Bank and Bank of Scotland joined up to do Trump Tower. They provided $86 Million of financing, the two of them for Trump Tower, so it’s wonderful they believe in White Plains. Bob Hales of Union State Bank, and Larry Stewart, they’ve always believed in White Plains and Westchester. They’ve really come to the table in a big way.”
The SuperDeveloper continued, “They have brought The Bank of Scotland, a corresponding bank they do business with. It’s a $6 Billion bank. Bank of Scotland and Union State Bank are leading the financing at 221 Main Street, Renaissance Square. The entire financing package, not including the office building is approximately $250 Million.”
RENAISSANCE SQUARE HOTEL as depicted in June on the night the Renaissance Squre Hotel was approved by the Common Council. Photo Capture from Public Access Television Channel 75 by WPCNR News
The office building which Cappelli proposes to build after the hotel is completed, he expects will require $75 Million in additional financing for a total cost of the Main Street megaplex estimated to be $325 Million. Participating in the $275 Million bankrolling, Cappelli said are Union State Bank, Bank of Scotland, CIBC (of Canada), Union Labor Life Insurance, according to Mr. Cappelli:
“All of the banks that I had on City Center have decided to go into 221 Main. They love White Plains. They love the story. City Center is a huge success. Even the Bank of Scotland brought in its Sovereign Bank. They’re coming in in a big way also. So the banks share. For $250 Million no one bank can take that. They all share, $50 Million, $60 Million apiece.”
Cappelli said he hoped to have a partial tenant for the office building.
Cappelli said he was getting great interest rates “since interest rates are low anyway,” and he negotiated the financing himself. “The banks have been with me so long, we have a relationship.”
Asked about the kind of hotel he was planning, Cappelli said, “I think the hotel is going to be mostly a business for the transient I think. It’s a business hotel for the most part.”
WPCNR asked if he would make it a casino. Cappelli said, “There’s no gambling coming to White Plains, that’s for sure. Hopefully, in The Concord. That’s for sure. The Concord’s ready to go. It just needs something to happen on the gaming side. But how much to put in.”
Asked by WPCNR, if Mr. Trump would lend his name to the hotel, Mr. Cappelli, said, “I don’t know.” Cappelli said he did not know if the hotel was going to be a Westin, a Starwood or a “W” hotel at this time.
Cappelli Enthusiastic About Continuing in White Plains.
Asked if he had a statement for the people of White Plains, Mr. Cappelli said, "I love what I do. I love working in the City of White Plains. I'm just going to continue doing what I do for as long as I can do it. Hopefully everybody will get a lot of enjoyment out of what I do -- what we all do -- what we've pulled together to do. It's specatcular thing that we've all accomplished here -- putting together City Center and now Renaissance Square."
A GREAT DAY FOR WHITE PLAINS: Councilman Benjamin Boykin, left, and Mayor Joseph Delfino working the crowd at Zanaro's. Photo by WPCNR News.
An ebullient Mayor Joseph Delfino of White Plains told WPCNR, “This is a very very proud day for the city. It’s not the climax of economic development because there are many more issues facing us, but these are two major projects (Trump Tower and the Cappelli Hotel) in the middle of our city which are going to compliment everything we’ve done. To bring a hotel here in White Plains is something we’ve talked about. We have one. They’re totally booked. Corporations that are here are having a difficult time getting space. They have to go as far as Stamford, nights. It doesn’t make sense. So to have a hotel downtown, one of that quality I think is going to enhance corporations coming here to the city of White Plains."
The Mayor was honored by Mr. Trump's coming into White Plains and putting his money down: "As far as Trump Tower is concerned, to have Donald Trump investing in our city is something that all of us should be very very honored. To have it, I never would have believed in my own mind, on Martine Avenue, we would have Trump Tower at City Center. Just to watch the spirit of cooperation as he spoke today gave me a great sense of feeling that he cares about our city and is willing to invest to make our city what we all want to make it, the place of Westchester County, the County Seat.”
Convention Center. Probably not.
Asked if the new hotel would be a convention center, the Mayor said that was not his understanding, “The latest we talked to him (Cappelli) about, it’s not a convention center. We’re still talking about meeting space, which is very very important, but not a convention center as such. So we hope it’s somewhere between. I have not sat down with him (Cappelli) and gotten final details. Obviously he (Cappelli) hasn’t pulled the whole package together yet.”
Asked if there was any possibility it could be a casino, the Mayor laughed, and said, “I can assure that he won’t have a video game in there.”
Councilman Benjamin Boykin commenting as lunchers holding wine glasses, eating pasta, and munching canolis milled about in the convivial hubbub of Zanero’s, said “I think this has been a wonderful day in White Plains. The additional piece in completing the Renaissance in our city. It shows that people are willing to invest in our city to help us grow and to make this place a great city for the future.”
Casino Gambling Nowhere Yet Bradley Indicates: Assemblyman Adam Bradley gave WPCNR some insights as to the possibilities of casinos being legalized and where the budget stands. Photo by WPCNR News.
Asked if the Assembly and the State Senate were using casino gambling as a tradeoff with Governor Pataki for the Governor’s signing the budget, Bradley said, “I don’t think that’s at all part of the tradeoff. We have a bigger issue in the immediate session. That’s probably the slots (machines) which is a different issue than casino gambling. The court decision said the way the funding for slots was done wasn’t constitutional, and we had to change it and that hasn’t occurred yet.”
Asked where casino gambling stood as of this moment, Bradley said, “That (legalization) hasn’t really come up. It was not a part of this budget. At this point it’s hard to say (when it would come up) because you have a lot of different views. I don’t think there’s a consensus on casino gambling. Until there is, I think it will be difficult to accomplish.”
Bradley was asked what he expected Governor George Pataki would do with the State budget that is now on the Governor’s Desk. “We’ve passed the budget and it’s now before the governor and I’m hopeful the Governor will sign the budget in full. He’s indicated there are things he wants to veto. But, the increase from the Executive Buget this year was 1%. We had a $100 Billion Dollar Executive Budget, and we have a $101 Billion Budget this year. The increases were to save programs like TAP, Tuition Assistance Program, to fund education properly, which we did by increasing education funding 5%, and health care. So I’m not sure where he (Pataki) intends to cut because we really didn’t submit a budget that was filled with a lot of pork this year. It’s a real serious budget that hopefully the governor will sign.”
