WPCNR County Clarion-Ledger. From Cappelli Enterprises (Edited). April 28, 2005: Westchester's Louis R. Cappelli, announced today that he has reached an agreement with the City of New Rochelle that will allow him to redevelop a full downtown block that will serve as a centerpiece in the continuing renaissance of the city’s downtown.
For the second time in one year, the World’s most prominent developer, Donald J. Trump, is joining forces with Westchester’s most prominent developer in creating one of the two new luxury high-rise residential buildings.
Cappelli and the City have signed a Memorandum of Understanding (MOU) that provides exclusivity to Cappelli as the redeveloper of an entire square block within the Lawton Street Urban Renewal District. On the site he will construct a new luxury residential-retail-hotel-office complex that will feature two 32-story, 390-foot towers.
The two-acre site comprises five tax parcels. It is bounded by Hugenot Street on the north, Anderson Plaza on the south, LeCount Place on the east and North Street on the west.
This Urban Renewal District has been targeted for re-development by the City for several decades. It is strategically situated between Cappelli’s New Roc City complex, the Parcel 1A site upon which Cappelli will construct the 32-story Trump Plaza luxury residential tower, and Avalon Bay’s luxury rental apartment towers.
“The redevelopment of this district provides a vital connection in the revitalization that is taking place in downtown New Rochelle,” Cappelli said. “The downtown development that is taking place on Main Street and all around us is impressive. When you combine our Trump Plaza project with Avalon Bay’s breaking ground for construction of its second tower, the stage is set for a dramatic new phase in the renaissance of New Rochelle.
“However, for the city to achieve the true potential of an interconnected downtown district, the block for which we have now acquired the redevelopment rights is key. It is the vital link that will finally allow the creation of a defined downtown district..”
We are excited to have the opportunity to continue our strong public-private partnership with the City of New Rochelle which will help accomplish what the City has dreamed of for so long. Since the opening of our New Roc City complex in 1999, we have found New Rochelle is a great community. The strong leadership of Mayor Tim Idoni and the progressive City Council and Development and Building departments has given the confidence to businesspeople like myself to continue to invest in the City. We are proud to continue to play a major role in the City’s success.”
The property covered by the MOU is currently occupied by an apartment building at 5 Anderson Street, the 9,600 square-foot Planned Parenthood office and a variety of retail stores that are on month-to-month leases. Cappelli is assuming the responsibility for all costs associated with the acquisition and, relocation to comparable housing for the residents of the 38 unit apartment complex now on site.
The company has also committed to the relocation of the Planned Parenthood office to a mutually agreeable location at Cappelli’s cost and expenses. Cappelli said he is already toured possible new locations with Planned Parenthood.
The block also includes the U.S. Post Office. Cappelli said his goal is to create a new Post Office within the new complex he will build. At the same time, he said that his company will seek to work with the U.S. Post Master to find a suitable new location for the loading and unloading of large trailer trucks. The trucks now use a loading dock at the current postal facility.
Commenting on the agreement, Mayor Tim Idoni said: “This new project will be the centerpiece in over $2 billion in redevelopment that is now taking place in our downtown. It’s a major step forward not only for the downtown, but the entire city.”
The Mayor continued: “For more than 30 years the city has hoped to see this key downtown block redeveloped. It has now emerged as one of the most important locations in the entire downtown because it forms a vital connection linking the Library Green park and Main Street with all of the exciting new development taking place along the Huguenot Street corridor. The redevelopment of this block will unify various components of our downtown.”
Cappelli said his approach for the site is to create an attractive and dynamic complex that brings new retail, office and residences to the downtown creating activity in the heart of New Rochelle. Many of the major pieces are already in place, and this remaining block lies in the middle,” Cappelli said. “The City recognized the importance of this development block many years ago when it was designated for Urban Renewal. We’re pleased that this long-held redevelopment goal at last will be realized.”
Ground will be broken shortly for Trump Plaza that will rise more than 390 feet and offer spectacular views of Long Island Sound. It will be built on a two-acre site on Huguenot Street, formerly known as Urban Renewal Parcel 1A, which the City has been seeking to have redeveloped for more than 30 years. The building will be one of the tallest in Westchester County.
The 353,600-square-foot Trump Plaza will consist of 141,500 square feet of retail space on two levels at the base, topped with the 30-story luxury residential condominium tower. There will be 181 residences -- 51 with one-bedroom, 101 with two-bedrooms and 29 with three-bedrooms. Private Parking for the residence will be provided on-site. In addition, the project will be linked to New Roc City and its new modern parking garage by an enclosed pedestrian bridge.
Mr. Cappelli said: “I am pleased that Donald has agreed to invest with me in a second luxury high-rise in Westchester. The unparalleled success we have experienced together in White Plains has been spectacular, with 235 of the 241 residences at Trump Tower and The Lofts at City Center having sold in only six months. Our sales to date at White Plains have topped $200 million. Our goal is to capitalize on that success in New Rochelle, a city that is undergoing its own renaissance. To have the Trump Plaza as the centerpiece of the emerging New Rochelle skyline is an endorsement of the City and its proximity to Manhattan, which creates a highly desirable residential location.”
Trump said he looked forward to partnering with Cappelli in a second venture. “I have been very impressed with the turnaround that has taken place in White Plains. I believe a similar renaissance is imminent in New Rochelle. As many people will recall, this is not the first time that I have been intrigued with the real estate potential of New Rochelle. I am happy to be coming back as a part of what I promise will be a truly spectacular new project.”
He continued: “The experience Louis and I have had working together in White Plains has been excellent. He is a first rate developer and his vision has been a key element in sparking both the rebirth of White Plains. He is playing a similar role in downtown New Rochelle, and I am looking forward to being a part of that. Trump Plaza will offer phenomenal views of the Long Island Sound and bring the style of living that the buyers of Trump residences have come to expect.”
Trump added that “Much like White plains, New Rochelle offers real estate investment opportunities for buyers that will not last long. It would not be at all surprising to see this new tower sell out in six months.”
Mayor Tim Idoni said he welcomed the involvement of Mr. Trump in the newest Cappelli project. “Donald Trump is one of the greatest names in the real estate industry. There is no better endorsement of the City of New Rochelle and its downtown that to have Donald Trump become an investor here.”
The Mayor noted that Cappelli has already played a major redevelopment role in the downtown when he created New Roc City, a $250 million mixed-use project that includes entertainment, retail and restaurant venues, as well as a Marriott hotel and a luxury apartment complex. “Louis predicted that once New Roc City was built, other major development would follow. The fact is that Cappelli will be investing another $750 million in our downtown as a result of these new projects. This new investment coupled with all of the downtown development will bring us over $2 billion in new projects. That would be impressive in any City in the United States, and it is happening right here in New Rochelle. These investments are a turning point in the history of our City and its future.”
The residences at Trump Plaza will feature the high-quality finishes and attention to detail that is the hallmarks of Trump residences. Granite countertops, hardwood floors, upgraded appliances, designer cabinetry and marble bathrooms are among the features for which his residences are known. Among the servicesfeatures to be provided to residents will be a 24 hour conciergedoorman, valet parking, Olympic swimming pool, full-service health club, business center, children’s playground, roof top garden and a state-of-the-art security system.
Mr. Cappelli said the construction of Trump Plaza is expected to take 18 months. Sales for the condominiums are expected to begin in July. A sales center will be created and open by summer 2005.
