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FEATURE ARTICLE, JULY 2005
LIVING IN THE CLOUDS: HIGH-RISE MULTIFAMILY IN THE NORTHEAST
Trump Plaza — New Rochelle, N.Y.
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Cappelli Enterprises is partnering with Donald Trump for another luxury high-rise residential building in New York. After developing the successful Trump Tower at City Center in downtown White Plains, New York, the two entities are again joining together to build Trump Plaza in downtown New Rochelle, New York.
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For the second time in a year, Valhalla, N.Y.-based Cappelli Enterprises is partnering with Donald Trump for the development of a new condo project in Westchester County, New York. This tower, Trump Plaza, will be located in downtown New Rochelle as part of the city’s $750 million downtown urban redevelopment plan.
“I am pleased that Donald has agreed to invest with me in a second luxury high-rise in Westchester.” says Louis Cappelli. “The unparalleled success we have experienced together in White Plains has been spectacular. Our goal is to capitalize on that success in New Rochelle, a city that is undergoing its own renaissance.”
Ground is expected to be broken shortly on the 390-foot tower, which is located on a 2-acre site on Huguenot Street, a site that the city has been seeking to redevelop for more than 30 years. The 353,600-square-foot Trump Plaza will consist of 141,500 square feet of retail space on a two-story base, with a 30-story residential tower on top. In addition, the project will be linked to New Roc City, a mixed-use project that was also developed by Cappelli.
The residential component will feature 51 one-bedroom units, 101 with two bedrooms and 29 three-bedroom units. The residences will provide a 24-hour concierge/doorman, valet parking, an Olympic-size swimming pool, full-service health club, a business center and a state-of-the-art security system. With views of Long Island Sound, the building will be one of the tallest in Westchester County. Construction is expected to take 18 months, with sales opening in July.
Cappelli has also reached an agreement with the city to develop the block opposite the residential tower, with plans for a large mixed-use development in the works.
Plaza 57 — New York City
New York City-based developer The Clarett Group is set to develop Place 57, a new luxury condominium development at 207 East 57th St. in Manhattan. The 36-story glass- and steel-clad tower, from architect Ismael Levya & Associates, will total 67 homes.
Within walking distance of Central Park and some of the finest dining and shopping in New York City, residences at Plaza 57 will feature spacious, pre-war layouts with a contemporary design and top-of-the-line amenities. Most of the floors will have only two residences per floor, with many offering river-to-river views.
The project will feature a Baccarat Lobby and an outdoor garden accented by crystal designed by Vicente Wolf, a New York-based interior designer. Plaza 57 is expected to open for occupancy in early 2006. The project is from Clarett Capital LLC, a development arm of The Clarett Group, in conjunction with Prudential Real Estate Investors (PREI).
MetroClub Condominiums — Philadelphia
Developed by Philadelphia-based Philadelphia Management and Cos., the MetroClub Condominiums in Center City Philadelphia is the result of a major $15 million conversion of a nine-story hospital building that had sat vacant for the last decade. Designed by JK Roller Architects, also of Philadelphia, the building is wrapped in pink-rosa glass and with the dual round components of the existing structure, striking residential layouts were created. The glass curtain wall will provide most residents with sweeping views from the Ben Franklin Bridge to the Philadelphia skyline.
The project will comprise 130 luxury residences, on-site parking, a fitness center, an outdoor heated pool and private cabanas. The residential component will include one- and two-bedroom residences with 9-foot, 11-foot and 12-foot ceilings. MetroClub is scheduled for completion in November 2005.
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