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Cappelli Enterprises purchases Macy's Site from Tishman Speyer.

Closing goes well into evening, city hall notified by secret code on cell phone.

Special to WPCNR

By John F. Bailey

CityLine: April 23, 2001: WPCNR NewsLines

Louis Cappelli, developer of New Roc City in New Rochelle, has officially closed a deal securing the former Macy's site from Tishman Speyer after closing proceedings were completed Monday evening.

The report of the closing was relayed to George Gretsas, the Mayor's Executive Officer, by way of a cellphone call placed Monday evening during a Common Council work session, according to a WPCNR informant who was apprised of the late development.

This sets the stage for Mr. Cappelli to present his personal plan for the Main Street and Mamaroneck Avenue property Tuesday afternoon at 5 PM at City Hall.

According to the spokesman for Cappelli Enterprises, Geoffrey Thompson, a model of the proposed complex will be presented along with site renderings. WPCNR's source also reports that a Target Store will be part of the new complex.

No other details of the final sale were available at this time.

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