The building is located adjacent to Cappelli's 500,000-sf New Roc City family entertainment center that opened last year. Idoni says that Cappelli is also holding talks to acquire development rights to a two-acre urban-renewal property near the New Roc parking garage. That site is adjacent to a planned multi-million dollar intermodal transportation center for Metro North Railroad. "We hope to make an announcement by mid-September" Idoni says. If Cappelli prevails, he could build as much as 300,000 sf of office and retail space on the site.

The mayor notes that the city has some reservations about switching the New Roc office building to residential use because it might compete with the Avalon on the Sound high-rise residential apartment community being built nearby. AvalonBay Communities is erecting the first phase of its planned 1,000-unit project and expects to complete the first 412 apartments in the spring.

Idoni says that no decision has been made by the city. Cappelli officials could not be reached for comment