In an interview yesterday on White Plains Week, a citizen media webcast hosted by White Plains Citizen Reporter, Louis R. Capelli said he did not expect any new projects to go forward any time soon and was no longer interested in building new buildings.
“Because of the banking world today, I don’t really think anything is going to be happening for years,” said Capelli. “I mean it’s really going to be years before anything gets built in a greenfield project again. Asked about White Plains, Capelli said “I’ve done my thing…we need to stabilize things”. You can watch the entire interview here.
Here is a brief clip from White Plains Week hosted by John Bailey of White Plains Citizens Net Reporter. There was a sync issue with the original file so apologies for the quality but the audio is fine.
Talking about how his brain aneurism has changed his like, Capelli said “Building, building, building,, doing, doing, doing is no longer important to me”.
All of this might cause New Rochelle residents to wonder why Capelli Enterprises is even asking for a 13th extension for his exclusive deal in New Rochelle let alone why the City staff is recommending another extension, why Mayor Bramson is advocating for it and why the City Council is even seriously considering it.
Clearly there is a wide gulf between what Mr. Capelli believes and what Joseph Apicella has been telling the City Council.
UPDATE: Times Herald-Record: RACINO-RESORT PROJECT BOGS DOWN
KIAMESHA LAKE — A year after Westchester developer Louis Cappelli stopped construction on what was supposed to be Sullivan County’s biggest project, he’s left a trail of debts and broken promises. Several signs indicate the once-$1 billion racino-resort project at the famed Concord site is hopelessly bogged down with no clear sense of when, if ever, it will recover. Some 19 contractors are owed $18.3 million for steel, architectural plans, engineering, environmental studies and demolition work for Cappelli’s Entertainment City project, according to public records.
Read the entire article here and see if the story sounds familiar: “broken promises”, “unpaid debts”, “significant announcement in about two weeks“, “had an agreement and they didn’t live up to it”, “Cappelli has been successful in gaining tens of millions of dollars in tax breaks and incentives”, “Cappelli’s shaky financial standing”, and so forth.