WPCNR SCHOOL DAYS. From Post Road School. April 1, 2004: Vendors are welcomed for “The Marketplace,” Post Road School’s Annual Spring Bazaar to be held at the Post Road School on Saturday, May 8, rain or shine, just before Mother’s Day. The Bazaar runs from 10 A.M. to 3 P.M.
Vendors set up at 9 AM, and can ply their wares for just $35 per 8 foot space. You must supply your own tables.
To register call or email Carol Sheridan before 4/20/04 <mailto:[email protected]> [email protected]
Make Check payable to Post Road PTA. Drop in PTA mail box, or mail to: C. Sheridan, Post Road PTA Post Road Elementary School, 175 W. Post Road White Plains, NY 10606.
Spring Bazaar Summary of Events: Food/Refreshments Marketplace Craft Show, Raffle Entertainment, Silent Auction Kids Crafts, Advertised in Local Publications *Specialty Items such as gourmet treats, Avon, Mary Kay, etc.
WPCNR WEATHER SCOOP: DRENCHING CONTINUES THROUGH WEEKEND.
WPCNR WEATHER SCOOP. From National Weather Service. March 31, 2004: As of 9 P.M., 1.75 inches of rain had fallen at WPCNR Studios in White Plains, and the National Weather Service is predicting more heavy rains for Thursday morning. The sodden soaking weather pattern is predicted to continue through Sunday. The National Weather Service Forecast as of 10:30 P.M.:
ADDITIONAL PERIODS OF HEAVY RAIN THURSDAY…
A LARGE LOW PRESSURE SYSTEM OVER VIRGINIA AND NORTH CAROLINA WILL
REMAIN NEARLY STATIONARY INTO FRIDAY. A FEW TROUGHS OF LOW
PRESSURE WILL ROTATE AROUND THE MAIN LOW RESULTING IN PERIODS OF
RAIN ACROSS THE REGION THROUGH THURSDAY.
A STRONG TROUGH IS EXPECTED TO MOVE INTO THE LOCAL AREA BY LATE
THURSDAY MORNING…RESULTING IN ANOTHER PERIOD OF HEAVY RAIN THROUGH
THE LATE AFTERNOON. THE CUMULATIVE EFFECT OF HEAVY RAIN FALL FROM
WEDNESDAY EVENING AND THE EXPECTED RAINFALL THURSDAY WILL RESULT IN
RISES ON AREA RIVERS AND STREAMS AS WELL AS SOME STREET FLOODING IN
AREAS WITH POOR DRAINAGE. HOWEVER…THE AREA RIVERS ARE FORECAST TO
REMAIN WITHIN THEIR BANKS. THE RAIN WILL THEN TAPER OFF TO SCATTERED
SHOWERS THURSDAY EVENING.
STAY TUNED TO NOAA WEATHER RADIO AND OTHER LOCAL MEDIA FOR FURTHER
DETAILS OR UPDATES.
Cappelli in the Money: JP Morgan Fleming Buys $105 Million Stake In North Tower
WPCNR MAIN STREET JOURNAL. From Cappelli Enterprises. (Edited) (Original WPCNR reportage added. March 31, 2004, UPDATED 10:50 P.M. E.S.T., UPDATED 11:15 P.M. E.S.T. In a statement today, Cappelli Enterprises announced a new investment partner in the City Center. Louis R. Cappelli, President of Cappelli Enterprises said today that JP Morgan Fleming Asset Management, a frequent partner with Trammell Crow, Mr. Cappelli’s North Tower property managers, has signed a contract with LC White Plains Residential LLC to invest $105 million as a partner in City Center’s 35-story luxury rental apartment north tower known as One City Place.
BIG DEAL ON CITY PLACE: JP Morgan Fleming Asset Management purchased a stake in One City Place, shown above.
THAT WINNING SMILE: Louis Cappelli, facing camera, with his lawyer, Mark Weingarten, at a recent Council work session has 105 Million reasons to smile. The announcement of the detail did not make it clear whether Mr. Cappelli remains owner of One City Place or retained a minority stake. Photos From WPCNR News Archives.
While specific terms of the agreement were not disclosed, Cappelli emphasized that the investment is solely in the One City Place tower. His companies remain the sole owner of the retail, entertainment and condominium components of City Center.
Cappelli Ebullient.
In his news release from Thompson & Bender, Cappelli released a statement describing JPMFAM’s coming into the project as a “tremendous vote of confidence not only in City Center, but in the entire City of White Plains. The level of interest in White Plains by major investment funds is extremely strong. Investors see White Plains as offering a dynamic and positive environment. This is a tribute to the foresight and approach of Mayor Joseph Delfino and the City Council. White Plains is not just a place where shoppers and new residents want to be, but it has rapidly emerged as a community where major institutional investors want to be, as well.”
He added: “When a player like JP Morgan Fleming makes a major investment such as this, it highlights how successful White Plains has become as a national model for economic development in a small city. It is particularly gratifying for me as a private developer to realize the significant impact City Center is having in drawing so much positive attention to this community.”
J. P. Morgan invested with Trammell Crow before.
Trammell Crow Residential is Louis Cappelli’s rental agent, which he said he was familiar with from their work with his Ridgeview Development. Trammell Crow Residential is a completely separate company from Trammell Crow, based in Dallas. Though a spinoff of Trammell Crow, Trammell Crow Residential has now working relationship with the other Trammell Crow.
J.P Morgan Fleming Asset Management owns two projects of the Dallas company, two in Los Angeles which Trammell Crow is reported to break ground on today, a massive office and residential complex on Avenue of the Stars, and Century Plaza, a new office complex. Trammell Crow manages those properties for J.P. Morgan, which owns them. Trammell Crow also built a massive high rise residential apartment building at 655 N. Central Avenue in Los Angeles, named Glendale Plaza, which JP Morgan purchased from Trammell Crow in 1999.
The investment agreement, Cappelli said, will not change the leasing and management structure that is in place for One City Place. Trammel Crow Residential Services, one of the nation’s leading residential leasing and management companies, will continue to handle these activities.
Since its “soft” opening two weeks ago, One City Place has taken 13 leases ranging from $1,430 to $4,590. Residents are expected to begin moving into apartments on the first 14 floors of the tower in April, with the entire tower slated for completion by the end of May.
Trammel Crow Property Manager Kristine Ragone said the level of interest has surpassed their expectations. “It’s unprecedented to take 13 leases and have close to 100 interested renters visit during a soft opening period without any type of advertising or promotion. It certainly confirms our belief that One City Place is a very special address.”
City Center Progress Report
Much of the retail/entertainment component of City Center is now open including Target, Circuit City, the White Plains Performing Arts Center and the National Amusements Multiplex Cinema, as well as Applebee’s and Green Point Bank. Filene’s Basement is scheduled to open April 28, followed by Barnes & Noble, Legal Seafood, and Zanaro’s Italian Restaurant.
Recently announced leases with Office Max and other tenants leave only about 30,000 square feet of the approximately half million square feet of retail/entertainment space available, and leases are pending for the balance.
The south residential tower, known as City Place South, is under construction. It will include 211 luxury condominium apartments. A separate building containing 29 luxury Soho-style loft condominiums is also under way. These final two components of City Center are scheduled to open by June 2005.
Cappelli said he is now anxiously anticipating the start of construction on his second major downtown White Plains project, Renaissance Square. This $350 million project includes a tower with a luxury hotel and condominium apartments and an office tower.
“The partnership with a major investor in One City Place encourages us to move forward quickly with the new project,” he stated. “With site plan approval expected in May, we intend to immediately begin the demolition of the old storefronts on Main Street. That will be followed by the excavation work for the foundation of the new complex.”
City Hall Timetable. Bar Building Applies Official for Landmark Status
George Gretsas, the Executive Officer for Mayor Delfino, told WPCNR Wednesday, demolition of the 221 Main block was expected to begin in three weeks.
Meanwhile in a related development involving the Bar Building, Jack Harrington of the White Plains Historical Society, told WPCNR that Anthony Longhitano’s (Bar Building owner) application to make the Bar Building at 199 Main Street an historically designated building had been completed and sent to the National Trust for Historic Preservation within the last week and a half.
More Jing to Come. $305 Million Expected.
Cappelli predicted that the investment by JP Morgan Fleming would not be the last by major institutional investors in White Plains. “The potential for another $300 million in investment partnerships is very real, and more will likely follow. The entire institutional investment community has come to realize that White Plains has emerged as the premier location to live, work, shop and play. This is something the entire community can be proud of.”
Historical Society Proposes Bump Robinson Memorial at Ferris & Hilltop Terrace
WPCNR THE TALK OF FERRIS AVENUE. By John F. Bailey. March 31, 2004: The White Plains Historical Society and Ron Jackson, “The Last Activist,” are working together to create a lasting memorial to Jerome “Bump” Robinson, founder of the Thomas Slater Center Drum Corps, tireless worker for youth, and behind-the-scenes feeder of the hungry, who died last month. Jack Harrington, former President of the White Plains Historical Society, in discussions with Mr. Jackson, the driving force to create a “Bump” remembrance, suggests creation of a garden park on a vacant corner across the street from the firehouse at the foot of Ferris Avenue.
BUMP ROBINSON PARK: Possible site for Jerome Robinson memorial. Jack Harrington, the Historical Society, Ron Jackson, and Mrs. Robinson, Mr. Robinson’s widow, are enthusiastic about this vacant property, owned by the city at the intersection of Ferris Avenue and Hillside Terrace. Mr. Harrington has suggested a neat garden park, with a few benches, highlighted by a large boulder memorial with a plaque remembering Mr. Robinson provided for by the Historical Society to commemorate his thirty years of service to the residents of the community. Support is now being sought among council members and the city to Photo by WPCNR News.