Developer To Move to Downtown White Plains

WHITE PLAINS-Westchester County’s busiest developer Louis Cappelli is moving his company from Valhalla to Downtown White Plains. Cappelli Enterprises is relocating from 14,000 sf at 115 Stevens Ave. to 20,000 sf at the second tower building at its Renaissance Square development.

Bruce Berg, executive vice president with Cappelli Enterprises, confirms the move to GlobeSt.com and says the reason behind the decision was that the company wanted to operate in owned space. The company currently leases space at 115 Stevens Ave., which is owned by SL Green Realty and operated by its Reckson division. At one time, Cappelli Enterprises had owned the property.

Berg says the move is scheduled for mid-June. Renaissance Square includes a 118-room Ritz Carlton Westchester hotel and spa, as well as 187 luxury condominiums in the first tower building and another 187 units in the second tower building. In addition to the Cappelli-occupied space, there is another 30,000 sf that the developer is currently marketing for lease. The company will be shifting approximately 60 headquarters staff from Valhalla to the White Plains location. Condominiums in the first tower building are all but sold out. Approximately 40% of the residences in the second tower building have been purchased. Units there are priced at about $900 to $1,000 a sf.

In terms of the remaining office space for lease, Berg says, “there is a lot of interest, but we have not been in a rush because we want to make sure we get the right tenant.” Cappelli Enterprises is currently developing new projects in New Rochelle and is in the final stages of the approval process on a joint venture with two partners on a $1.5-billion waterfront redevelopment plan in Yonkers. In addition, the company is focused on building a resort-gaming facility in the Catskills that is valued at approximately $1 billion.