Cappelli inks deal to redevelop 800,000 s/f site.

Westchester's most prominent developer, Louis R. Cappelli, announced that he has reached an agreement with the City of New Rochelle that will allow him to redevelop a full downtown block that will serve as a centerpiece in the continuing renaissance of the city's downtown.

Cappelli and the City have signed a Memorandum of Understanding (MOU) that provides exclusivity to Cappelli as the redeveloper of an entire square block within the Lawton Street Urban Renewal District. On the site he will construct a new luxury residential-retail-hotel-office complex that will feature two 32-story, 390-foot towers.

This new complex will be comprised of 200,000 s/f of boutique retail space including national tenants on multi-levels. Additionally, an office/hotel complex of 300,000 square is envisioned along with 320,000 s/f of luxury high-rise residential development for a total build-out of approximately 800,000 s/f.

The two-acre site comprises five tax parcels. It is bounded by Hugenot Street on the north, Anderson Plaza on the south, LeCount Place on the east and North Street on the west.

This Urban Renewal District has been targeted for re-development by the City for several decades. It is strategically situated between Cappelli's New Roc City complex, the Parcel 1 A site upon which Cappelli will construct the 32-story Trump Plaza luxury residential tower, and Avalon Bay's luxury rental apartment towers. "The redevelopment of this district provides a vital connection in the revitalization that is taking place in downtown New Rochelle," Cappelli said.

"The downtown development that is taking place on Main Street and all around us is impressive. When you combine our Trump Plaza project with Avalon Bay's breaking ground for construction of its second tower, the stage is set for a dramatic new phase in the renaissance of New Rochelle.