The 1.88-acre site is directly across the street from Cappelli's500,000-sf New Roc City family entertainment center. The city andCappelli have struck a deal to amend an air rights agreement forrights atop the parking garage next to the New Roc City project.Cappelli had planned to build 110,000 sf of office space on top ofthe garage. Marketing efforts by the company produced insufficientinterest in the space, however, and Cappelli has to date just builtthe shell of the building. New Rochelle commissioner of developmentMike Ritchie says the new air rights agreement allows Cappelli tobuild rental apartment units at the site. He notes that thedeveloper could build out 92 market-rate rental apartments at theNew Roc Parking garage site, which also features a 120-roomextended-stay Marriott Residence Inn Hotel.

Commissioner Ritchie says that the Parcel 1A sales agreementmandates that Cappelli develop at least 150,000 sf of office spaceno matter how large a development he builds there. Any other use atthe Parcel 1A property would have to be retail use, Ritchie adds.The Parcel 1A redevelopment project may be eligible for NewRochelle Industrial Development Agency and/or Section 108 LoanProgram assistance.

Construction of the rental apartment units could begin withinthe next 30 to 60 days pending permitting approval. Construction ofthe commercial/retail venture still must undergo city review andwill not break ground until the spring of 2001 at the earliest,Ritchie says.