WPCNR MAIN STREET JOURNAL. Special From Cappelli Enterprises. (Edited) May 14, 2004: In a news release this afternoon, Cappelli Enterprises announced Donald Trump was joining Louis Cappelli in a joint venture by becoming a partner in the "luxury condominium tower" now to be known as Trump Tower at City Center.
GIVE ME A T: Donald J. Trump, described as the best know residential developer in the country has purchased a stake in the City Center South Tower, show rising last Friday, below the giant construction crane at left. The yellow walled structure below One City Place (the North Tower) is the New York Sports Club exterior atop the City Center garage. Photo by WPCNR News
Mr. Trump’s involvement in the project includes the development, sales and management of the building when it is completed. The financial terms of the partnership were not disclosed.
The 35-story tower will feature 212 luxury condominium residences and will be ready for summer 2005 occupancy. Construction on the tower, that has been redesigned by Manhattan architect Costas Kondylis, the designer of many of Mr. Trump’s residential towers in Manhattan, has now reached the 16th floor.
“This is a very exciting moment, not only for City Center, but for White Plains and Westchester County,” Mr. Cappelli said. “Donald J. Trump is without question the best known name in ultra-luxury residential real estate today. The Trump Organization signifies a style of living that is of the highest quality, offering an unparalleled level of sophistication and services. To have the Trump name directly associated with City Center immeasurably enhances the entire project, and is a huge asset. Not only is Donald J. Trump the most prominent residential developer in Manhattan, he is in other prestige areas such as Palm Beach, as well. He also has the highest rated program on television with “The Apprentice.”
Commenting on his new roll at City Center, Mr. Trump observed, “The location and architecture of Trump Tower at City Center is top of the line. Working with Louis Cappelli, a friend of mine for many years, is a great honor. Lou and I understand quality – and that is what we are bringing to Trump Tower at City Center,” he said. Photo by Photorazzi.
Mr. Trump added that he is optimistic about the new building’s impact on the market. “Trump Tower at City Center will not only attract the highest level of Westchester purchasers, but will also attract purchasers looking for an alternative to living in Manhattan.”
While City Center will mark Mr. Trump’s first entry into Westchester’s emerging high-rise luxury residential market, he already is an established player in the county’s luxury housing market with The Residences at Trump National Golf Club in Briarcliff Manor. This project includes golf villas starting at $2 million and Grand Condominium residences starting at $1 million and going all the way up to $10 million -- all set on his new Trump National Golf Course.
“Trump National in Briarcliff has been a tremendous success,” Mr. Trump said. “We created a world-class golf course and The Residences have set a new standard for luxury golf course living in Westchester. With Trump Tower at City Center we see the opportunity to repeat our past successes with this exciting new high-rise venture in a truly dynamic city. I would not be surprised if many of our purchasers at Trump Tower join Trump National.”
He noted that the City of White Plains has made enormous strides over the last two years, and is now seen as a model for small city revitalization nationwide. “This is a community that has rapidly established itself as a leader in creating an ideal downtown for working, living and entertainment. I look forward to having Trump Tower at City Center become an integral part of the ongoing renaissance.”
For Mr. Cappelli, the partnership with the Trump Organization comes on the heels of his April announcement that JP Morgan Fleming, a subsidiary of financial giant JP Morgan Chase, has invested $105 million in One City Place, the 35-story luxury rental apartment tower at City Center. One City Place includes 311 apartments that are now being occupied as the finishing touches are completed on the upper floors of the tower.
“To now have Donald J. Trump demonstrate an interest in the City of White Plains soon after JP Morgan came on board, makes an incredibly dramatic statement about White Plains,” Mr. Cappelli said.
He added that the foresight and leadership of Mayor Joseph Delfino and the City’s Common Council have made it possible for White Plains to emerge from a development cocoon that had shrouded it for more than 10 years. “The elected leadership of White Plains knew it was time for the City to move out of the doldrums, and the prompt approval of City Center, it is safe to say, has served as the catalyst for redevelopment throughout the downtown.
Commenting on the new partnership, White Plains Mayor Joseph Delfino noted, “The Cappelli name is a proven entity in Westchester County, and the Trump name is a proven entity in world-class residential development. This is an ideal combination of talent, knowledge, ability and reputation that will serve our City well.”
Cappelli and Trump have put together a team with extensive experience and proven track record in the construction and marketing of luxury high-rise residences.
The Marketing Directors, Inc. has been named exclusive marketing and sales agent for Trump Tower at City Center. According to Adrienne Albert, President of The Marketing Directors, “Having worked with Donald J. Trump at Trump Place in Manhattan, and Louis Cappelli at City Center, we are delighted to be part of this collaboration.”
HRH Construction of New York City will serve as construction manager for the 35-story tower and will be responsible for complete construction oversight. HRH has a long-standing relationship with both Cappelli and Trump in providing construction management services on a number of their individual projects.
In addition to the two luxury residential towers, City Center includes an intimate Loft condominium with 29 homes and 450,000 square feet of retail, restaurant and entertainment space that is nearly fully leased. Among the prominent tenants are Target, Circuit City, Filene’s Basement, Barnes & Noble, Office Max, a 15-screen National Amusements multiplex, New York Sports Clubs, Legal Seafoods, Applebee’s Neighborhood Grill & Bar and The Atlanta Bread Company. Additionally, it includes the 450-seat White Plains Performing Arts Center.
“City Center provides the ideal combination of luxury residential living with retail, restaurant and entertainment components that create a dynamic environment for residents and visitors alike,” Mr. Cappelli said. “Combined with the new Renaissance Square development and the many other new additions to White Plains such as Fortunoff, the Mills Company’s acquisition of The Galleria mall and the many new residential buildings, such as Bank Street Commons, Clayton Park, and JPI, all of the ingredients are in place to keep White Plains a genuine prestige address for many years to come. Trump Tower at City Center certainly will add to the excitement.”
