The lease was signed on Tuesday and is for a 20 year-term, according to Bruce Berg, executive vice president of Cappelli Enterprises. The transaction marks the first signed lease at the 1.2 million sf, City Center development to be built at the former Macy's department store site on Mamaroneck Ave., and Main St., and adjoining property. The $300-million venture is nearing the end of the approval process. In fact, the development, which will feature approximately 600,000 sf of retail space and 600 rental apartment units, is expected to receive final site plan approval by the City Council on Sept. 20. Earlier this week the council voted to approve a special permit that allows Cappelli to build two 34-story tower buildings on Main Street, and E.J. Conroy Drive. The residential component of the project which totals approximately 600,000 sf, would include 560 apartments located in the two tower buildings and 40 townhouse units in a low-rise structure.

Commenting on the importance of the lease deal with Quincy Amusements, Berg says, "They are the first tenant. It is a major momentum builder. The other tenants that we are negotiating with have been very interested in this transaction."

He notes that Cappelli is currently in negotiations with other retailers for the remainder of the retail and restaurant space that will be built at the former Macy's site. Berg adds that Cappelli has already completed all the necessary asbestos abatement work at the vacant Macy's and has begun demolition of the store.