Downtown
Rebound Gorgeous, grand superstructures
help revive two Westchester cities.
A rendering of Trump Plaza, New Rochelle, NY.
September
21 marks the official opening of Westchester's
first luxury high-rise: Trump Tower at City Center
in downtown White Plains.
City Center, a $350-million residential, retail and entertainment
complex, is the creation of developer Louis R. Cappelli, who predicted that the
project would serve as the economic engine that would pull the area from its
doldrums. Trump Tower is one of two 35-story residential towers at City Center.
Originally both towers were to be luxury rentals. After the first tower was built,
Cappelli began thinking about a luxury-for-sale condominium –
affording owners spectacular views of the Manhattan skyline,
Long Island Sound and beyond – as the second tower.
Selling the upscale condos would be breaking new ground
in Westchester.
Cappelli broached the subject during a round of golf with
his longtime friend, world-renowned deal-maker Donald J. Trump, and soon the
two men toured the City Center project. Seven days later a deal was signed. Cappelli
and Trump announced that they were creating Trump Tower at City Center, 212 luxury
condominiums with numerous ultra-high-end features and extensive amenities. The
project was 96 percent sold in six months and is now nearing completion. Residents
are scheduled to begin moving in this fall. Prices increased multiple times after
sales began, with many apartments going for well over $1 million.
“This project has been one of the most successful that
I have been involved with,” said Trump. “Obviously, I felt that White
Plains and Westchester were ready for luxury-high-rise living, and I believed
that Louis would build with the kind of quality and attention to detail that
is expected in a building with the Trump name. But the sales here went well beyond
what even I thought would happen. In business I don't like surprises –
but this is one I will gladly accept.”
So successful were the partners in White Plains that they
have decided to partner in New Rochelle as well. Trump Plaza is scheduled to
rise on a downtown site that not only offers magnificent views, but is just minutes
from the city's expansive new Transportation Center. The project will include
181 luxury condominiums in a 30-story tower to be built atop two levels of retail
space.
Cappelli, who has already built the $250-million New Roc City
retail, entertainment, residential and hotel complex in downtown New Rochelle,
said: “Trump Plaza promises to offer yet another unique residential living
opportunity in Westchester County. I enjoy seeing the downtown areas make a comeback.
I am fortunate to have one of the biggest names in residential living today as
my partner once again.”
