No projected purchase price was revealed. Reports in the real estate community recently indicated that there were a number of prospective bidders on the property. Officials with Tishman Speyer could not be reached for comment.
Attorney Alfred E. Donnellan, who represents Cappelli, notified the city was of the agreement between Tishman and Cappelli in an April 5th letter. Donnellan, a partner in the law firm DelBello, Donnellan Weingarten Tartaglia Wise & Wiederkehr LLP, stated in his letter to Mayor Joseph Delfino that the closing "is expected to occur on or before April 23, 2001." City officials tell GlobeSt.com that Cappelli is scheduled to make a presentation on its development plan to the White Plains Common Council on April 24.
Tishman Speyer had won approvals from the city for its Town Center project, which would have totaled more than 400,000 sf of retail space that was to have featured a 21-screen Loews Cineplex. However, the fiscal woes of Loews, which filed for Chapter 11 bankruptcy protection earlier this year, was partially to blame for Tishman's decision to abandon the Town Center venture and put the property on the market for sale.
Geoff Thompson, a spokesman for Cappelli Enterprises, says that the project will cost approximately $225 million to develop and will consist of retail, entertainment and residential space. While the actual size of the project is not available, Thompson relates that the residential component would consist of between 250 to 300 units. The entertainment component would include a movie theater, he says. However, he notes that at the moment no tenants have been signed for the project.
He adds that Cappelli hopes to begin construction on the new venture by this summer. The project will begin with the demolition of the former Macy's store.
The development would use some of the characteristics of its successful 500,000 sf New Roc City family entertainment complex in New Rochelle "as a template" for its redevelopment venture here, Thompson says. One key trait that will mirror New Roc City will be access to the retail stores from the street.
Mayor Delfino commented on the pending transaction by saying, "The fact that there were so many developers interested in purchasing this site is a very good sign for Downtown. I have scheduled a special meeting of the council immediately after the closing date so that the council and I can get a detailed presentation of the developer's vision for the property. I look forward to working with the Common Council on this project which I hope will contribute to our efforts to revitalize Downtown."
Bruce Berg, executive vice president of Cappelli Enterprises notes, "The former Macy's site is one of the best development sites in the entire New York metropolitan area. The location in White Plains not only offers tremendous business opportunities, but it is in the heart of Downtown.
"Our company has demonstrated that creative planning and design can bring new life to downtown areas," he continues, "and we see a tremendous opportunity to bring a very successful project to White Plains. This site is not only extremely prominent, but from a business perspective, it is in our own back yard."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
