WPCNR CITY HALL CIRCUIT. December 14, 2006: The Mayor's Office announced yesterday it is contemplating selling two acres of  parking lot on Bank Street to LCOR developers of Bank Street Commons for development of two apartment towers of 400 rental units. Paul Wood, the Mayor's Executive Officer, according to The Journal News Keith Eddings' story,  said the city was contemplating a $16 Million windfall from the sale of the land, with the city paying LCOR $5 Million for 300 parking spaces within the confines of the envisioned two tower development to replace the 300 spaces of commuter parking now on the site.

Bank Street Commons. The two new apartments quietly proposed by LCOR would be built on the present commuter municipal parking lot adjacent the MetroNorth Railroad tracks in Center of picture. A closer view is shown below. Photo, WPCNR News

Wood added that so far the city was negotiating only with LCOR for the sale of the land. However, there was other interest in the property on the part of another developer. WPCNR was contacted a month ago by  another major national player in residential housing which said it was interested in the land. Apparently that firm has not contacted the city with their interest. Wood told The Journal News  reporter that the city would not put the land out for public bid, that it did not have to because it was in an Urban Renewal Area.

LCOR's for $16 Million: View of Bank Street Commuter Parking Lot filled with automobiles on a typical commuting day. Site would be turned into a dual tower, 400 apartment complex of market rate and upscale housing. Photo, WPCNR News

The $16 million dollar "net" selling price is the same price Louis Cappelli paid for the Macy's property at Main and Mamaroneck seven years ago (April 2001)  where the Super Developer built the City Center, One City Place and Trump Tower at City Center. The concept of the city paying $5 Million for 300 parking places is a new wrinkle in the proposed land sale. When the zoning change was approved it was with the understanding that any purchaser of the land would have to provide 300 spaces for municipal use -- no mention was made of the city paying consideration for such spaces in the legislation -- the 300 spaces went with the zoning changes.

LCOR is presenting their concept, according to The Journal News in a "closed" meeting with Mayor Delfino today. The Common Council would eventually have to approve the project.