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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

WPCNR COMMON COUNCIL CHRONICLE-EXAMINER. May 25, 2006: On Decision Night Thursday evening, the Common Council approved a $147.6 Million budget, (it could not be determined if that included the salary increases of administration personnel),  the $147.6 figure means a 6.1% spending increase, and a 7.8 % tax increase. Salaries of the Mayor’s Commissioners were increased 4% across the board, according to Paul Wood, the Mayor’s Executive Officer.

It was agreed water rates to residents and commercial users would be raised 20% to make up the water fund deficit. The council also was reported by Mr. Wood, as being accepting of the one-floor structural change on the podium of the Cappelli hotel, and supportive of the rooftop restaurant and additon of 54,000 square feet of floor space.

The council, according to Mr. Wood, passed the budget 7-0. He also said the council had no problem with the minor amendment to the 221 Main site plan that would allow an extra floor on the podium, that Building Commissioner Mike Gismondi did not “overstep” his authorityppelli to build a restaurant on the roof of the Main Street condominium tower surrounding  the building mechanicals. Wood also told WPCNR the council listened to Mr. Gismondi’s explanation for the extra floor on the podium, and also had no problem with it.

Wood, speaking to WPCNR after the Work Sesson that WPCNR did not attend, added that in December of 2005, Mr. Cappelli had spoken about a reinforcement change that would add an extra floor to the hotel podium and give him construction flexibility. Wood then said Mr. Cappelli informed the Common Council May 15, he  had built the structure to add the extra floor, and three days later, May 18,  he asked to add 54,000 square feet to the structure to provide amenities for Ritz-Carlton within the podium, in the Main Street tower, and also on the pool deck of the podium, and on the mechancals level of the Main Street tower. Wood said there was a letter from an engineer noting the need for seismic reinforcement as part of new New York State code, that was received about three days prior to May 15 of this month, supporting the developer’s requested change, which WPCNR (at the time), had already been executed.

In Mr. Gismondi’s written analysis, of the “Minor Amendment” approving structural modifications, dated May 22, 2006, the Building Commissioner writes: “it can be concluded that there is no significant alteration of the essential charactersitics of the design, layout or arrangement of “buildings,” parking, circulation, landscaping, or relationships of the project to the “street,” adjacent properties and the area.”

Rita Malmud, addressing an angry Democratic City Committee throng disturbed at what they described was a “bad precident,”  Wednesday evening said that she had been told by the Mayor in a meeting Tuesday of this week that the structural reinforcement had been asked for and approved in December for Ritz-Carlton, but that Monday, May 15, was the first time she had heard of it. However, Mr. Wood said Ms. Malmud was favorably disposed to the structural change (the one floor addition to the podium– which actually makes two floors)  after Mr. Gismondi spoke Thursday night.