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WPCNR THE DAILY DEVELOPER. May 26, 2006: Louis Cappelli, President of Cappelli Enterprises of Valhalla, announced on White Plains Week, the City News Roundup show Friday night, he was eager to develop more residential buildings, restaurants and retail on “gorgeous” parcels in the White Plains downtown. He also announced intentions to move his world headquarters to the North Tower condominium in the 221 Main Ritz-Carlton Westchester.
Louis Cappelli, The Super Developer, appearing on White Plains Week, Friday night. Video Capture by WPCNR News.
He said that development in White Plains was “moving ahead” with other developers taking “a piece of it,” noting the Ginsburg Pinnacle project would be starting in August, “It’s good for White Plains and it’s good for me. I’ve always said the more people that come to White Plains would be better for White Plains and better for me and Avalon Bay “jumping on board. I think there’s good things happening and we’re glad to be apart of it.”
Cappelli’s Vision: Asked by “The Anchor for all Seasons,” Peter Katz (left) if “after 221, are you going to stay in White Plains, you have your sights on other things here?” Cappelli replied “If they’ll have me, I love working in White Plains. Why give up now when things are just cooking?” Video Capture of White Plains Week by WPCNR News
The CitizeNetReporter asked him if he would put together other parcels in the downtown. Cappelli said, “There are other parcels in the downtown. Certainly my friend John Halpern has a beautiful site, he sold me this site(221 Main). He has a gorgeous site on Mamaroneck and Post. I think certainly the Silverman site, a nice site centrally located. There’s a lot of nice sites in the CBD that would keep the story going.”
Would he be thinking more residential? Cappelli said, “I don’t think I would be thinking office. I think the city needs retail, restaurants, residential .You just can’t bring enough people.”
City Center’s a Keeper.
Commenting on future plans for the City Center, Mr. Cappelli vowed he would hold on to the property, unless someone made a very attractive offer. He said he was planning on being more selective replacing Office Max in the City Center, possibly bringing an entertainment based business into that space. He also vowed to improve the City Center Garage to make it more attractive. He admitted that in filling the City Center retail space originally, that he had been eager to fill the space and not as selective as he could have been.
The 221 Proposal, Cool to Fee.
Asked if he would consider a fee paid to the city in return for approval of his zoning and site plan request for adding 50,000 square feet to the 221 Main project, and a zoning change to permit a restaurant on the mechanical deck level at the top of the residential condominium tower, Mr. Cappeli said he did not think that was fair:
“I wouldn’t think it would be the right thing to do because I’m providing a tremendous amount of public amenities here. If the Council says no, and they could, they’re very reasonable people, I think the restaurant in the sky goes away, the bigger ballroom goes away, and the bigger spa goes away, and that hurts Mr. and Mrs. White Plains I don’t think they’re going to hurt Mr. and Mrs. White Plains.”
The Super Developer Moving His HQ to The Ritz.
Cappelli said he was going to reduce the officespace in the north condo tower to 25,000 square feet and move his corporate office of Cappelli Enterprises there. The Hamilton side condominium tower, originally was targeted for 100,000 square feet.
He said he had built the Valhalla headquarters in 1984, his first building project, and it was time to move. “Who wouldn’t want to be in The Ritz-Carlton,” he said. (The north tower foundation began to be poured this week.) The Super Developer revealed he was also going to add 12 more hotel rooms to the north (second tower). The developer also said that the Ritz-Carlton hotel would have valet parking for all arrivals to ease traffic backup for arriving guests.
Confident of Condo Appeal. Jim Benerofe, right, of Suburbanstreet.com asked Cappelli, considering the softness of the condo market how the Ritz-Carlton condominium project was going to play out. (As of Wednesday, there were 137 condominums for sale in White Plains, 24 in Trump Tower that are resells, and 33 at The Jeffersons, in Westchester County there are 860 condominums on the market, up 81% over a year ago, according to the Westchester County Board of Realtors) Video Capture of White Plains Week by WPCNR News
Cappelli was confident:
“Corrections are normal and required. Corrections in the residential market you hope for a slow soft landing. Interest rates are racheting up slowly…I view our market as different than the normal residential market.we have a unique product both in the trump tower and the Trump plaza in New Rochelle and the Ritz Carlton.
That uniqueness and limited number of units we have, I don’t believe the residential market is going to affect the sales of those homes. I don’t believe the people buying there are affected by a half a point interest rate change. Trump Tower (at City Center) is sold out except for four units. Trump Plaza in New Rochelle has 60 units sold in 2-1/2 months at $600 per square feet. The average price of Trump Plaza so far is higher than the average price sell out of Trump Tower at City Center in White Plains.
There’s a demand for quality product, the Ritz-Carlton is going to be taking it to the next level and this is going to be, in my mind, for all those people who absolutely don’t want to live in their homes in Westchester County, it’s a unique market that’s not going to be affected.”
On Benefit to White Plains
Asked if he thought new development to bring more revenue to the city beyond the $20 Million in sales taxes and property taxes it brought in 2005-2006, Cappelli said yes, citing Wal-Mart coming in, and the retailers doing better. He said “The residential taxes for each of these Ritz Carlton projects, (400 condominium units) there’s going to be an enormous amount of money coming in over the next 14 months.”
The Who Knew What When and When Did They Know It Mystery.
Cappelli explained the timing on the 221 Main changes currently a subject of high dudgeon in White Plains. He said he submitted the site plan amendment plans for the extra floor on the podium of the Ritz Carlton Westchester on September 5, 2005, and had no idea what the Ritz-Carlton wanted when he decided to make the structural change, adding one floor.
He said he submitted the construction drawings November 11 to the Building Department. Cappelli said instead of counting stories people should have gone to the Building Department to look at the plans on file. (These plans were not available in the Building Department last week, when asked)
Asked if he knew what Ritz-Carlton wanted the time he submitted the structural changes, Cappelli said, “No,the program was absolutely not set at all whatsoever. This was a structural change. Turns out the Ritz-Carlton now sees the drawings then their designers say let’s use this space. It’s up to the council, they can say no if they want.”
Video Capture by WPCNR News