NEW ROCHELLE, NY - Louis Cappelli’s latest development venture here, a mixed-use project called New Roc Tower, could break ground in the late spring or early summer of this year. The project to be built on city-owned property known as Parcel 1A, will involve the construction of a 355,000-sf, 26-story tower. Joseph V. Apicella, senior vice president of Fuller Development Co., a division of Cappelli Enterprises of Valhalla, says that the residential/retail project will cost approximately $74 million to build and take 18 months to complete.
New Roc Tower is currently before the New Rochelle City Council and has received mostly favorable comments at two public hearings this month. Cappelli will be before the council on Jan. 20 to obtain required zoning amendments, an amendment to the city’s comprehensive plan and acceptance of the project’s environmental studies thus far. If those items are granted, the project would then go before the New Rochelle Planning Board in February to secure site plan approval. From there, Cappelli must then close on the purchase of the 1.9-acre Parcel 1A site that sits adjacent to Cappelli’s existing 500,000-sf mixed use New Roc City entertainment complex. If the plan moves forward, Cappelli will pay the city $2.5 million for the project site.
The first two floors of New Roc Tower will feature 150,000 sf of retail space; the remaining 24 floors will house 154 condominium units. There will be 128 two-bedroom plus den units that will range in size from 1,000 sf to 1,300 sf and 26 three-bedroom plus den units that will be 1,600 sf to 1,800 sf in size.
The condominiums will be marketed for sale from $350,000 to $750,000. “At $350,000, there isn’t much you can buy right now in the Westchester market,” Apicella notes.
Some underground parking will be provided for the condominium owners. A walkway from the residential space to the third floor of the New Roc Parking Garage will be built to accommodate shoppers visiting New Roc Tower.
While no lease deals have been signed with any retailers for the available space at New Roc Tower, Apicella notes that his firm is in discussions with a number of noted national retailers. While he would not divulge what retailers are interested in the property, Apicella appears confident that leases will be signed in short order to allow construction to begin in a few months.
“Cappelli is ready and able to begin construction on this project,” he says. The firm is hopeful that it can conclude a land purchase agreement with the City of New Rochelle shortly after the approval process. The firm is hopeful that the first shovel in the ground at the site could take place by May or June of this year.
By John Jordan