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JPI alive!

Developer reworks numbers, has new request they want to present to Common Council the 31st.

Cappelli announces he will present architectural designs for his twin towers Tuesday at 7 PM, after Council considers budget.

Special to WPCNR

By John F. Bailey

CityLine: May 25, 2001--City Hall

JPI, the developer that one week ago was within 24 hours of folding their 300 Mamaroneck Avenue project, contacted City Hall Friday and requested a meeting with the Common Council to present another proposal to them.

On May 17, the Common Council rejected the JPI plea for a more than 50% reduction in taxes per year to enable the the Massachussetts-based developer to build 251 apartments and 30 townhouses on the 300 Mamaroneck Avenue site.

George Gretsas told WPCNR Friday evening that JPI had "rerun the numbers" and felt they had a solution to their financial problems with the project that they wanted to present to the Common Council. Gretsas said the city was in the process of confirming and convening the Council's availability to hear the JPI proposal Thursday of next week. The Council is scheduled to consider approval of the project as originally presented at its next regularly scheduled meeting June 4.

The Mayor's Executive Officer said the proposal did not involve a third party. He also said JPI thinks it has found a workable solution for them.

In another development, Gretsas reported that Louis Cappelli of Cappelli Enterprises would appear Tuesday evening at 7 PM, after the Council discusses and is expected to approve the 2001-2002 City Budget at 6 PM.

Cappelli is expected to present architectural concepts for two apartment towers he has designed into his new "City Center" project.


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