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With apartment plans, Cappelli rolls the dice.

Publication: Westchester County Business Journal
Publication Date: 03-JAN-05 		Format: Online - approximately 762 words
Delivery: Immediate Online Access
Full Article Title: With apartment plans, Cappelli rolls the dice.(Louis R. Cappelli)

Article Excerpt
By proposing more luxury housing at his $375 million Renaissance Square mixed-use complex planned for White Plains, and linking it to construction of affordable housing nearby, Louis R. Cappelli is taking three gambles at once.

The first is that the city's luxury apartment market will grow enough over the next two years to sustain more million-dollar-plus prices like those of units within the two condominium buildings he is now building at nearby City Center.

At City Center's Trump Tower, Cappelli told the White Plains Common Council on Dec. 22, sales have averaged around $750 a square foot, or just above $1.1 million per unit.

"(That) is just astronomical for what we considered to...

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