Sale of joint venture interest in New Roc City.Louis R. Cappelli Louis R. Cappelli (b. 1951[1]) is a real estate developer most active in Westchester County, New York. Sometimes called "The Donald Trump of Westchester," Cappelli has developed more than four million square feet of mixed use, retail, waterfront, residential, office , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cappelli Enterprises, Inc., based in Westchester, announced today the sale of a joint venture interest in New Roc City New Roc City is an entertainment complex in New Rochelle, New York. It opened in the summer of 1999 as the centerpiece of the efforts to revitalize the downtown area of New Rochelle. The 1. to Entertainment Properties Trust (NYSE NYSE See: New York Stock Exchange :EPR EPR Electron Paramagnetic Resonance EPR Extended Producer Responsibility EPR Electronic Patient Record(s) EPR Emergency Preparedness and Response (US DHS) EPR Endpoint Reference EPR Ethylene-Propylene Rubber ), a publicly traded real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) focused on the acquisition of high-quality real estate assets leased to leading location-based entertainment operators. Entertainment Properties Trust is the only REIT that specializes in entertainment assets and is the largest owner of entertainment properties in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The 1.2 million-square-foot New Roc City, which opened in 1999 and includes retail/entertainment facilities, a hotel and rental apartments as well as a 2,350-car parking garage, has proven to be a major catalyst in the emergence of New Rochelle New Rochelle (rōshĕl`), city (1990 pop. 67,625), Westchester co., SE N.Y., on Long Island Sound; settled by Huguenots 1688, inc. as a village 1858, as a city 1899. as a dominant force in the southern Westchester Southern Westchester, alternatively called Lower Westchester, is one of two major distinct areas of Westchester County, New York (USA) the other being Northern Westchester. economic base. "The success of New Roc City as a premier destination for family entertainment has put in motion a chain of economic development activities in New Rochelle and we will continue to play a major part in it's continued growth," Cappelli said. Cappelli pointed out the significance of Entertainment Properties Trust's commitment to New Rochelle. "This is a nationally recognized REIT with a portfolio of over 40 major theater, restaurant and entertainment properties in major cities coast to coast. Their interest in New Rochelle demonstrates significant confidence in a City that is poised for continued revitalization." Mayor Timothy C. Idoni, whose administration has guided the economic resurgence of New Rochelle, stated: "Louis Cappelli's partnership with Entertainment Properties Trust at New Roc City is further evidence of the rebirth of our downtown. "This publicly traded national company recognizes New Rochelle's downtown potential as a regional hub for entertainment, retail, office space and housing. We look forward to working with this exciting new team in our central business district." New Roc Management, a related company of Cappelli Enterprises, will continue to manage New Roc City on behalf of the joint venture. Fully leased, New Roc City is anchored by an 18-screen Regal Cinema, which is typically in the top five highest grossing movie theaters in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market, and the top 50 highest grossing theaters in the United States; Stop 'N Shop supermarket; and Ballys Total Fitness Center. Additional tenants include New Roc Fun House, Steiner Sports, New Roc Ice, New Roc Speedway, Modells, New Roc Rack 'N Cue, Putting Edge, New Roc 'N Bowl, Applebee's Restaurant, Zanaro's Italian Restaurant, and the Space Shot Thrill Ride. The 125-suite Marriott Residence Inn will remain under Cappelli ownership as will the 100-unit Summit at New Roc Apartments. Commenting on the acquisition, David Brain, President and CEO of Entertainment Properties Trust, stated: "We believe entertainment is an important sector of the retail real estate industry. Our principal business strategy is to be the nation's leading entertainment real estate company, with a major focus on the acquisition of high-quality entertainment related properties with a strong market presence. New Roc City, with its diversity of family entertainment opportunities and proven track record of success, fits perfectly into our portfolio". Cappelli Enterprises said it will continue its development program in New Rochelle as designated sponsor for Parcel 1A, a 2-acre site located at the comer of Huguenot Street and LeCount Place. Plans have been submitted for a 150,000 square foot retail anchor store with approximately 220 luxury_residential units to be built above. It is anticipated that construction will begin on the $150 million project early 2004. |
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