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Cappelli retreats from cold new-office market.

Publication: Westchester County Business Journal
Publication Date: 03-JAN-05 		Format: Online - approximately 875 words
Delivery: Immediate Online Access
Full Article Title: Cappelli retreats from cold new-office market.(Louis R. Cappelli)

Article Excerpt
Westchester's frigid market for new office construction got even colder with Louis R. Cappelli's decision to halve the amount of such space within a $375 million mixed-use complex to take shape this year in downtown White Plains.

Cappelli has asked city officials for approvals to add 150,000 square feet previously planned for offices to the project's two apartment towers, raising their height by five stories to 40 stories each. The towers would contain up to 460 units, the maximum approved by the city last June, but more than the 290 units Cappelli contemplated at the time. In return Cappelli pledges to build 41 affordable apartments nearby (see apartment story).

The amount of office space within Renaissance Square would shrink from the original 300,000 square feet approved last June. That space...

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