Common Council Grants Site Plan Approval for $350M Project

Cappelli Associates of Valhalla plans to begin construction shortly on the Renaissance Square project located at 221 Main St. that will feature two, 35-story residential tower buildings and a 19-story office building that will total 292,750 sf. While currently configured at 19-stories, the office building could be built at heights of between 280 and 310 ft.

One of the 35-story structures will contain a 174-room hotel. Cappelli stated at the Common Council meeting that he has a letter of intent with Starwood Hotels and Resorts Worldwide of White Plains to have a Westin hotel at the Renaissance Square property. However, he is hopeful that the project might qualify to have Starwood's more luxurious "W" hotel brand operate at the complex.

A total of 290 residential units will be housed in the two, 35-story tower buildings. Cappelli said at present both buildings will have luxury condominiums priced at $600 per sf. However, by the time construction is completed, one of the buildings might contain some luxury rental housing. The plan also includes approximately 12,000 sf of retail space.

The first phase of the development will involve construction of the hotel and residential housing, Cappelli said. However, he is marketing the office building to large single users at $35 per sf (net) and is hopeful that all three buildings can be under construction and near completion within the next three years. The project is expected to create approximately 2,000 construction jobs.

The Renaissance Square project is located directly across the street from Cappelli's $325 million City Center development, which includes 450,000 sf of retail/entertainment space and residential housing located in two 35-story towers. Most of that project is completed, with the exception of one tower building, which is under construction. Cappelli said that the design of the Renaissance Square project had changed six or seven times during the year-and-a-half it had been before the Common Council. He told GlobeSt.com that the scope of the venture--nearly 900,000 sf--made the project economically feasible.

He added that he is currently in negotiation with five major lenders that can all finance the project in full if necessary. Cappelli would not divulge the potential lending sources, but said he would like to close on the deal or deals soon.

The site plan approval granted to Cappelli is conditional on the subdivision approval of the adjacent Bar building at 199 Main St. The subdivision approval must be granted by the Common Council with no variances or else it will negate the site plan approval granted to Cappelli, according to Common Council Member Rita Malmud.

The Bar building will remain at its present location on Main St., although Cappelli has reached an agreement with the owner to undertake some improvements to a portion of the building's outer shell to make it more in tune with his project's architecture. An annex alongside the Bar building will be sold by the Bar building owner to Cappelli and will be demolished.