Cappelli told members of the White Plains Common Council Thursday evening that he is modifying his plan somewhat, reducing the size of his retail component of the project by 20 feet in height or one floor (approximately 150,000 sf) and seeks to add 150,000 sf of space in the second phase of his project in order to possibly accommodate the Ritz Carlton, which would be a seven-story facility housed in the southern tower building adjacent to Martine Ave. The modification, if approved by the White Plains Common Council, will reduce the retail component of the project from five floors to four floors and from 600,000 sf to approximately 375,000 sf and mean the elimination of a seven-story loft building that was part of Cappelli's original plan approved by the council this past September.

In addition to his revelation regarding the Ritz Carlton, Cappelli also revealed that his firm signed a condominium deal with Target for approximately 135,000 sf of space for the lower level of the 375,000 sf retail component of his project. The development would also include approximately 625 rental housing apartments in two, 34-story high-rise buildings. Other retail tenants that have signed on at City Center are Circuit City and National Amusements, which will operate a 15-screen theater at the center. Other retailers or restaurant companies in negotiations with Cappelli include: Legal Seafoods, Barnes & Noble, and the Great Outdoors.

The Valhalla-based Cappelli Enterprises is in the midst of closing on its construction loan with the Canadian Imperial Bank of Commerce for its construction loan. That closing is expected to take place during the week of Feb. 11, Cappelli says.

He is hoping that the City Council considers the reduction of the one floor of retail as a minor change and therefore could be approved quickly, possibly as early as the council's meeting in February or March. Cappelli shared that the financing closing will occur as scheduled but the funding of the loan would be delayed until all approvals from the city were obtained.

In discussing the hotel negotiations now underway, Cappelli said, "Ritz Cartlon has approached us...to integrate a hotel on the Martine side (of the project," he said. The hotel would be U-shaped and would be incorporated into the southern tower building nearby an urban park that is planned for the project. He added that at least one other hotel chain has expressed interest in the City Center venture.

Cappelli provided the council a letter dated Jan. 23 from James M. Erlacher, vice president of North American Development for The Ritz Carlton Hotel Company, LLC, in which he confirmed the company's interest in the City Center development.

Instant Insights /

Cappelli in Talks with Ritz Carlton in White Plains

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