Cappelli, president of Cappelli Enterprises, stated that theproject demand will be driven by the low vacancy rates and highoffice rents of near or above $100 per sf in Manhattan. Cappellisays that he plans to charge $50 per sf triple net for office spaceat the property and believes that he will be able to attract largeNew York City-based tenants to the property. "We see this projectappealing to major financial services companies coming out ofManhattan," he said. "And we will have the ability to build largetrading floors as well."

In addition to the office buildings, Cappelli proposes toreplace an existing 900-car parking garage with a 1,500-carfacility. He told council members that there would also be another1,500 parking spaces underneath the three office towers. He alsorevealed that he is in discussions with the Alaska Pension Fund ona parcel of land nearby that could accommodate another 500,000 sfof development. He stated that, if the sale goes through, heenvisions a possible five-star hotel at the site. Cappelli iscurrently constructing a $600-million mixed-use development inDowntown White Plains that includes a Ritz-Carlton hotel.

"Station Square will connect the successful redevelopment in theMamaroneck Avenue and Main Street area with the city'stransportation hub to create a first-class gateway to WhitePlains," he said. "This is smart growth in its truest sense."