Construction is set to begin on the partnership project, which city officials have coined the "Parcel 1A site." perhaps as early as next month. The 353,600-sf Trump Plaza will consist of 141,500 sf of retail space on two levels at the base, topped with a 30-story luxury residential condo tower. In total, there are 181 units planned--51 one-bedroom, 101 two-bedroom and 29 three-bedroom units. The $250-million project will be linked to Cappelli's existing $250-million New Roc City entertainment complex.

Cappelli says 231 of the 241 residences at Trump Tower and the Lofts at City Center--the pair's other projects--in White Plains have sold in only six months and that sales to date at the two developments are more than $200 million. Trump says he is "very impressed with the turnaround that has taken place in White Plains and believes a similar renaissance is imminent in New Rochelle." This is not Trump's first venture in New Rochelle. In the mid 1990s he proposed to build multimillion-dollar homes on Davids Island, but eventually withdrew the plan.

The city and Cappelli Enterprises signed a Memorandum of Understanding making Cappelli the exclusive developer for an entire block within the city's Lawton Street Urban Renewal District. On the site, Cappelli has proposed to build two mixed-use 32-story towers totaling approximately 800,000 sf. The site is bounded by Huguenot Street on the north, Anderson Plaza on the south, LeCount Place on the east and North Street on the west.

His initial plan calls for 200,000 sf of "boutique" retail space, an office/hotel component totaling 300,000 sf and 300,000 sf of luxury residential units. Cappelli will have 18 months to acquire the properties for the project to proceed. Currently, the project site includes a 38-unit apartment building at 5 Anderson St., a 9,600-sf Planned Parenthood office and a number of retail stores that the company says are on month-to-month leases. In addition a US Post Office is also located in the urban renewal block.

The project site is located between Cappelli's New Roc City, the Trump Plaza property and AvalonBay Communities luxury rental apartment tower complex. "This new project will be the centerpiece in over $2 billion in redevelopment that is now taking place in our Downtown," says Mayor Timothy Idoni. It's a major step forward, not only for the Downtown, but for the entire city."

Instant Insights /

Cappelli Strikes New Deals With Trump and New Rochelle

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