Cappelli repositions New Roc tower to meet office demand.

Cappelli Enterprises announced plans to reposition its LeCount Square mixed-used development in downtown New Rochelle to meet the growing and unmet demand for office space located in close proximity to Metro-North train stations.

The new alternative plan, which was submitted to the City of New Rochelle as part of a Supplemental Environmental Impact Statement, would more than triple the amount of office space from 126,000 to almost 400,000 square feet while reducing the number of residential units in the two towers from 527 to 258.

As in the previous modified plan, the two towers would rise from a three-level retail podium. However, the north tower would contain only office space with the first two floors above the retail featuring financial trading floors with 40,000 s/f floor plates. The remaining office floors would have floor plates of approximately 23,500 s/f. The total height of the north tower would be reduced from 500 to 375 feet. The south tower, which would retain its planned height of 500 feet, would have a hotel on the lower 13 floors with residences on the remaining upper floors. The hotel would have 209 rooms. There would be 200 residences in the south tower and 58 in the adjacent loft building.

The mix of retail and restaurants would change slightly, with 200,000 s/f of retail, up from 180,192 s/f, and 12,000 s/f of restaurant space, down from 22,000 s/ft.

"Our new alternative plan for LeCount Square more accurately reflects the growing demand in our region for Class A office space that is located near major transportation hubs.

"The concept of transit-oriented office use is a relatively unique product in Westchester County. Our project will be ideally situated to serve this important sector of the high end office market," said Louis R. Cappelli, president of Cappelli Enterprises.

Bounded by LeCount Place, North Avenue and Huguenot Streets, LeCount Square is just a short walk from the city's new Intermodel Transportation Center.

Cappelli said the increasingly tight Manhattan office market, where rents are nearing $100 per square foot level, has fueled unusually strong demand for high quality office space in Westchester County with requirements for delivery in the next two years.

"The office space at LeCount Square will be on par with the quality you expect to find in a Manhattan office building," said Cappelli.

Cappelli said the alternative plan presented in the Supplemental Environmental Impact Statement is being reviewed by the city.

"We are encouraged by the alternative plan presented for LeCount Square. Developing office space in close proximity of our new Intermodal Transportation Center is consistent with our city's commitment to 'smart growth' planning," said New Rochelle Mayor Noam Bramson.

"The addition of more office space to our downtown will enliven the daytime streetscape and further energize our retail stores," he added.

Cappelli Enterprises has been the driving force behind the revitalization of downtown New Rochelle. In the late 1990s, Cappelli transformed the abandoned Macy's department store into the highly successful New Roc City retail and entertainment complex.

Cappelli recently partnered with Donald Trump in the development of Trump Plaza, a high-rise luxury condominium tower nearing completion and which is almost 70 percent sold out.

The first residents are set to move in by August 1. With the development of LeCount Square, Cappelli's total investment in downtown New Rochelle will exceed $1 billion.