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Sound investment: Cappelli, AvalonBay, plan more apartments in New Rochelle.

Publication: Westchester County Business Journal
Publication Date: 17-JAN-05 		Format: Online - approximately 1138 words
Delivery: Immediate Online Access
Full Article Title: Sound investment: Cappelli, AvalonBay, plan more apartments in New Rochelle.(Real Estate Outlook)

Article Excerpt
New Rochelle's emerging market for upscale apartments is about to heat up even more over the next, following a pair of projects being pursued by Louis R. Cappelli, the start of construction on two more downtown developments and the promise of another residential high-rise at Main and Division streets.

Cappelli believes the "Queen City on the Sound" has restored enough of its luster in recent years to justify a taller $100 million condominium building at city-owned Parcel 1A than the one for which he won approvals just three months ago. The Valhalla developer last week presented New Rochelle officials with plans for a 371-foot-tall, 175-unit building with 141,000 square feet of retail space on the bottom two floors. Last October, he won council approval for a 320-foot-tall building with 162 units and the same amount of retail.

By redesigning his units with taller ceilings albeit less space, Cappelli reasons, his New Roc Tower can fetch top condo prices in an apartment market that's getting increasingly crowded.

Cappelli may crowd...

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