At today’s groundbreaking for a building in New Rochelle, developer Louis Cappelli told the Business Journal that his company has “paid its dues” following the 2008 economic downturn and plans to be very active from now on. “I believe we’re going to be doing a lot of projects in Westchester in the next two, three, four years,” Cappelli said.
“I think there’s a whole resurgence in our company; a lot of young people in our company versus ‘older me’ and they want to get cranking and I’m all for it.”
Cappelli revealed that he would like to be involved in the redevelopment of the train station area in White Plains, having previously proposed a project for that part of the city that sparked only mixed interest from elected officials, some of whom believed it was too massive. At the time, Cappelli offered to underwrite the costs of the city studying the possibilities for creating a transportation, business and retail center that would attract people the way Grand Central Terminal does in Manhattan.
“I did come up with an idea about eight years ago for three large office buildings and residential buildings. It seems like now’s the time,” he said.
Cappelli told the Business Journal that he had put his name “in the hat” with respect to the current effort regarding White Plains Transit District redevelopment.
The New Rochelle groundbreaking was for a building to be called The Standard. It will be a 14-story residential building on the site of the former Standard Star newspaper. The building site spans the block between 251 North Ave. and LeCount Place, across from Cappelli’s New Roc City project. Features of that project include a movie multiplex, a Stop and Shop supermarket and a Marriott Residence Inn. Nearby is the 194-unit Trump Plaza Condominium tower built by Cappelli.
The building will have 112 apartments and approximately 4,000 square feet of retail space. Cappelli told the Business Journal that the building would be targeted to attract millennials.
New Rochelle Mayor Noam Bramson was among those attending the groundbreaking, which was held in a tent due to the rainy weather.
“Today’s groundbreaking for The Standard marks yet another important step toward achieving our community’s vision of a walkable, vibrant and diverse downtown that honors its history while embracing its future,” he said.
Cappelli said his company has owned the site of The Standard for several years. “When we opened New Roc City almost 20 years ago, we were pioneers in the revitalization of the downtown. Since then, the city has enjoyed a remarkable renaissance. The site of The Standard is an important in-fill parcel linking the New Roc complex to North Avenue,” he said.