Cappelli, president of Cappelli Enterprises, stated that the project demand will be driven by the low vacancy rates and high office rents of near or above $100 per sf in Manhattan. Cappelli says that he plans to charge $50 per sf triple net for office space at the property and believes that he will be able to attract large New York City-based tenants to the property. "We see this project appealing to major financial services companies coming out of Manhattan," he said. "And we will have the ability to build large trading floors as well."

In addition to the office buildings, Cappelli proposes to replace an existing 900-car parking garage with a 1,500-car facility. He told council members that there would also be another 1,500 parking spaces underneath the three office towers. He also revealed that he is in discussions with the Alaska Pension Fund on a parcel of land nearby that could accommodate another 500,000 sf of development. He stated that, if the sale goes through, he envisions a possible five-star hotel at the site. Cappelli is currently constructing a $600-million mixed-use development in Downtown White Plains that includes a Ritz-Carlton hotel.

"Station Square will connect the successful redevelopment in the Mamaroneck Avenue and Main Street area with the city's transportation hub to create a first-class gateway to White Plains," he said. "This is smart growth in its truest sense."