Bruce Berg, executive vice president of Cappelli Associates, says the deal, when finalized, will reap the firm "millions of dollars in savings" based on exemptions it will receive on mortgage recording and sales taxes in connection with the construction of the mixed-use project. Cappelli officials say the incentives are necessary to make the project economically viable.
Berg says that demolition of some of the existing buildings on the 221 Main St. site will begin within the next week. Sometime later, excavation work will commence. Construction of the two twin-tower residential buildings will begin in the next three to six months, he says.
Renaissance Square, which will be built across the street from Cappelli Enterprises $325-million City Center at White Plains development, will feature 290 luxury condominium units in two 29-story buildings that will be built over a six-story hotel with approximately 174 to 200 rooms. Also part of phase I of the project will be approximately 10,000 sf of retail/restaurant space and 1,800 sf of conference space. A second phase is planned that will involve the construction of a 28-story, 292,750-sf office building.
Berg says Cappelli Enterprises is in negotiations with locally based hotelier Starwood Hotels & Resorts Worldwide to establish either a Westin or W hotel at Renaissance Square. Financing of the project is expected to close soon. The first phase is being financed by a consortium of five banks: CIBC, Bank of Scotland, Union Labor Life Insurance Co., Sovereign Bank and Union State Bank. Berg says that construction on that building will begin once it has secured sufficient tenancy. Cappelli is now marketing the property to prospective tenants.
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