White Plains CitizeNetReporter - Cappelli In the Money. Signs Westin Hotels to Exclusive.

WPCNR Afternoon Tribune. By John F. Bailey. April 24, 2002. UPDATED 3:30 PM EDT: Louis Cappelli announced today on the steps of City Hall that he had secured $190 Million of the $240 Million in construction costs to fund the retail portion and North Tower of the City Center Project.

SUPER DEVELOPER CLOSES HIS DEAL: Louis Cappelli takes questions from news reporters, Susan Elan and John Jordan, on steps of City Hall Wednesday, announcing that the City Center has closed after a three-month "closing process," culminating in a 10-day marathon session with eight law firms.
Photo by WPCNR

He said the remaining $70 Million in financing was already committed to by his consortium of banks, pending his decision on interior configuration of the South (Martine Avenue) Tower of the project.

Cappelli reported he had signed an exclusive agreement with the Westin Hotel chain to run a hotel, "if he builds a hotel in White Plains." The "Super-Developer" also said he remained "active" in the White Plains real estate market, and would decide in the next three months whether to build a hotel/condominium combination in the North Tower of the project (overlooking Main Street). Asked about the Halpern property on Main Street, currently being shopped, Cappelli said "it was a beautiful piece of property."

Demolition of the Main-Martine Garage, Cappelli said was to begin in approximately 3 weeks. More details later.

Cappelli opts for 4 Floor City Center. Project High Balled.

Since July 17 when an Excavator first pierced the old Macy’s building, Louis Cappelli has been waiting for this day. It was the day when the Super Developer announced he had his financial package in place. Speaking to reporters from the steps of city hall, he outlined the newest configuration of the City Center.

Cappelli told assembled media outlets that the City Center will now consist of a Target Store on the ground floor. The street level floor on Mamaroneck Avenue and Main will be occupied by Circuit City, Legal Seafood (in the Greenpoint Bank building, Applebee’s Restaurant, and Zanaro’s, and a branch of Greenpoint Bank.

He said the second floor of the City Center is not leased right now because he wants to keep his options open in hopes that Sears Indoor Store would lease the entire floor, or that another tenant such as a Ballys, the health club, might lease the second floor. Cappelli said he had engineered the floorage to carry the weightloads that a furniture operation such as Sears Indoor Store would require.

The fourth floor of the City Center will be the National Amusements Theater and the Community Arts Theater.

Westin Hotels wins the Cappelli Hotel Stakes.

Mr. Cappelli announced a signed agreement naming Westin Hotels the hotel he will be working with, and the Super Developer talking to WPCNR, worded the Westin announcement very delicately, saying if he builds a hotel “in White Plains,” it will be a Westin Hotel. Cappelli reported he had not decided whether to include the hotel in the South Tower on Martine Avenue, and told us what is next:

“After the next three weeks, (I haven’t slept in seven months), I’m going to be relaxing, doing nothing. Then we’re going to get started on deciding what the second (South)Tower is going to be, doing the (interior) designs on that second tower as far as it being whether it’s a condo, residential-rental, or a condo and hotel. We’ll make that decision in the design process in the next 90 days. It’s a question of what’s inside of it. If it’s not residential rentals, and it’s a condo, I’ll have to come back to the Common Council, because there’s a change in the taxes, the PILOT, and if it’s a condo and hotel it has to come back to Council for site plan approval.”

Cappelli “active” in White Plains market.

Cappelli confirmed that Ritz-Carlton hotels is now no longer being considered for the project.

WPCNR asked if Mr. Cappelli was looking elsewhere in the city. Mr. Cappelli was noncommittal, saying, “I think White Plains is a wonderful place to do business up to this point, and is going to be an even better place to do business in the future. There’s some very exciting things going on in White Plains, very exciting.” Asked if he was looking for other acquisitions, Cappelli said, “I’m active. I’m active. I’m active.”


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