WPCNR EMPIRE BUIDER. From Cappelli Enterprises (EDITED) February 15, 2006: Louis R. Cappelli, Kingpin of Cappelli Enterprises of Valhalla, the "Official Developer of the City of White Plains," having earned the sobriquet of the Super Developer from WPCNR, added to his legend Tuesday, announcing his second major stake in a neighboring community to White Plains in two weeks. Two weeks ago, Mr. Cappelli announced major development participation in Yonkers, New York.
Louis Cappelli Style: The Super Developer, Louis Cappelli, who always presents his projects in person demonstrates his 221 Main Street Hotel Project in White Plains in its first configuration of three towers during the approval process of his latest White Plains project, May 18, 2004. Now the Super Developer is proposing a tower for Stamford, Connecticut, with Thomas L. Rich of F.D. Rich Company, Stamford's leading developer, and the firm behind the Rich Forum. Photo, WPCNR News Archive.
He and Thomas L. Rich of Stamford, CT have applied to the Stamford, Connecticut, Planning and Zoning Boards for the approval of a 37-story high-end luxury condominium tower in the Stamford downtown. Called Park Tower, the project is being planned for the corner of Washington Boulevard and Broad Street near the University of Connecticut and the Mill River Park.
“Downtown Stamford has emerged as one of the region’s hottest residential real estate markets. With Park Tower, we are bringing to Stamford a new level of elegance in high-end luxury residential living designed to appeal to empty-nesters as well as young professionals,” said Mr. Cappelli.
Mr. Cappelli noted that many of today’s homebuyers are looking for high-rise condominiums that combine maintenance-free luxury living with the excitement and sophistication of Manhattan.
“Park Tower will offer an elegant and cosmopolitan lifestyle in the heart of downtown Stamford, a city renowned for its fine restaurants, shops and first-class theaters and entertainment,” he said. “We are very excited about partnering with Tom Rich and the F. D. Rich Company, which has been a driving force in the development of downtown Stamford for more than four decades,” he added.
Mr. Rich stated that “the Costas Kondylis designed project is not only going to be a spectacular addition to the Stamford skyline but will offer an incredible package of public benefits that will be hugely helpful to the city as it continues on its path to becoming a 24/7 world-class destination.” Photo, Courtesy, Cappelli Enterprises.
Luxury on Long Island Sound
Pending project approvals, Park Tower will begin marketing units this summer in its marketing center conveniently located next door to the project site in a Broad Street retail storefront. Construction of the project will start in the fall of 2006 with a delivery date of 24 months thereafter.
Plans submitted for Park Tower call for a total of 185 residences, which will range in size from one-bedroom units of approximately 1,000 square feet to three bedroom duplex penthouses of 3,500 square feet. They will feature the highest quality finishes, granite countertops, hardwood floors, top-of-line appliances, designer cabinetry and marble bathrooms. Most of the residences at Park Tower will have spectacular views of Long Island Sound and the New York City skyline and all will have spacious terraces.
“Park Tower will add 185 homeowners to the downtown core, generate 500 construction jobs a year over the two-year construction period, 15 permanent jobs once completed and add more than $1 million per year in property tax revenue to the city coffers,” Mr. Rich added.
Stamford’s successful Inclusionary Zoning Policy, requires 10% of Park Tower units (19) be affordable to families that earn 50% of the area median income.
Super Developer Contributes to Mill River Park Restoration
Park Tower will be located across the street from Stamford’s Mill River Park, which is about to undergo a multi-million dollar restoration under the design direction of the Philadelphia-based Olin Partnership. The park restoration will benefit from Park Tower because the project approvals involve a large financial contribution by Mr. Rich and Mr. Cappelli to the Mill River Park improvement project.
Among the services and amenities provided to residents of Park Tower will be a 24-hour concierge/doorman. The entire 7th floor will be devoted to building amenities, which will include a landscaped deck, an indoor swimming pool, a full-service health club, a clubroom, library, billiards and screening rooms and a state-of-the-art security system. On-site parking will be located on five levels at the base of the building. There will also be approximately 3,000 SF of retail space fronting the corner of Washington Boulevard and Broad Street as being a short walk to the Stamford Transportation Center.
The Partners
Mr. Cappelli is President and CEO of Cappelli Enterprises, Inc., a leading real estate development company that has developed more than 10 million square feet of mixed use, retail, waterfront, residential, office building, laboratory and parking facilities. The company’s projects include City Center and the Trump Tower at City Center in White Plains, and New Roc City in New Rochelle. Cappelli Enterprises has already begun construction of Renaissance Square, a hotel and residential complex in downtown White Plains and Trump Plaza, a luxury high-rise condominium tower in downtown New Rochelle. In Stamford, Mr. Cappelli previously built Greyrock Towers and the Ridgeway Shopping Center.
Mr. Rich is President and CEO of the F.D. Rich Company. Since 1920, the Stamford-based company has constructed more than 50 million square feet of projects around the country including 15,000 units of housing. The Rich Company is responsible for developing much of downtown Stamford where, as the City’s sole redeveloper since 1960, it has added more than 5.0 million square feet of office, residential, retail and hotel space.
Some of Rich’s projects include the 1 million SF Stamford Town Center Mall, the 1 million SF Stamford Plaza office complex and the city’s two Marriott Hotels. The company is also responsible for bringing Target to its site in downtown Stamford where Target constructed a 200,000 SF retail complex with an attached 550-car parking garage. The company’s most recent addition to downtown is a 115-room Courtyard by Marriott located at the intersection of Broad and Summer Streets.
