The Front Page:

Cappelli cruises:

Says National Amusements theater chain just about "in." (Greenburgh multiplex moves to White Plains)

34 and 32-story rental towers smoozed without strong council objection. Third 10-story luxury townhouse coveted.

Cappelli says he will up his Payment in Lieu of Taxes to $2.55MM

Plans expanded "Luxury Garage"

Special to WPCNR from Suburban Street News

CityLine: May 30, 2001 -- City Hall

Jim Benerofe, Suburban Street Dot Com, reports to WPCNR that Louis Cappelli of Cappelli Enterprises had the Common Council eating out of his hand Tuesday night.

Benerofe, covering the Common Council work session, told WPCNR that Mr. Cappelli presented photographs of a number of Manhattan buildings and showed a preference for one architecturally stunning building that Benerofe said was particularly outstanding. He said the council seems to be going along with the Cappelli preference for a height of 34 and 32 stories for his two residential towers.

The veteran White Plains reporter said that Cappelli was also prepared to up his Payment in Lieu of Taxes to $2.55 million a year for 17 years, up sharply from the amount Tishman Speyer was prepared to pay ($1.7mm) as part of the previous city and Town Center deal.

Benerofe also reports that Cappelli does not just want two residential towers. He wants three. He reports that Cappelli definitely wants a third 10-story luxury townhouse building on Western corner of Martine and Conroy, opposite his new garage, which may go for condominiums.

In another development, Cappelli advised the council that he was very close to signing a deal with National Amusements to be the theater operator in the new "City Center," the working title for the Cappelli complex planned for Main, Mamaroneck and Conroy. National Amusements owns a multiplex on Route 9-A in Greenburgh, and Benerofe reports they have long wanted to get into the Cappelli mix.

In a yet another tantalizing enhancement, Benerfore says Louis Cappelli is planning a state-of-the-art parking garage behind his luxury tower on the East corner of Martine and Conroy. His plans will include escalators up and down from the various parking levels in the same style he engineered in the New Roc City complex. The developer also reports that he will expand the parking by approximately 60 spaces to an even 1,400 spaces.

George Gretsas told WPCNR that the project is scheduled, if all deadlines are met, to be voted upon by the Common Council at their August meeting.

In other developments...

The Common Council passed the 2002 City Budget Tuesday night, raising the city budget to 97 million, with no increase in property taxes.


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