Westchester County Business Journal has Louis Capelli’s response to the news we reported last week that Entertainment Properties Trust, the majority owner of New Roc City, had commenced litigation in federal court against Capelli.
The WCBJ article is a must read for anyone interested in local business news but the eyeopener for New Rochelle residents will surely be Capelli’s claim that Kohl’s and Target have signed lease agreements but EPT blocked the deals.
EPT also is seeking payment for $10 million loans to Cappelli at both New Roc City and City Center. The Concord commitment agreement extended those loans for two years.
The Kansas City company also claims the developer has not repaid a 2-year-old, $10 million loan for retail projects connected to his company’s stalled LeCount Square development in New Rochelle and a planned repositioning of New Roc City that would bring in Kohl’s and Target as anchor retail tenants there. Cappelli said those retailers have signed lease agreements (emphasis added).
“EPT didn’t want to do the Kohl’s and Target leases,” he said. He said EPT has balked at putting up its $10 million investment share in the repositioning, in which Cappelli Enterprises would invest about $3 million.
Sure to get laugh from Capelli critics in New Rochelle is this whopper:
The developer said he worries about his reputation here and wants to dissolve the partnership. “I live here and I’m in bed with a REIT that has no soul,” he said. “They have no ties to the community. They’re just numbers guys.”
Who knew Louis Capelli was such a sensitive guy?
What goes around comes around
Sad how nothing seems to have gone right in downtown New Rochelle since the Mayor and City dropped the ball and did nothing to prevent the closing of the New Roc Ice Rink.
Target is coming! Kohl’s is coming! Yeah, right. Thousands of kids got shafted by the closing of the rink, including varsity and modified hockey players, competetive figure skaters, speed skaters and recreational skaters. Not to mention the fact that these skaters and their families poured money into downtown by way of restaurants, equiptment, etc. Now, all gone. But the rink stands there, without ice . . . go take a look.
With the right people who can manage an organization, that rink should be re-opened. Steps need to be taken to make it happen and change a wrong to a right. Before any more concessions are given to Capelli and crew, which is bound to happen considering our city’s history.
Elections are around the corner. Every family in New Rochelle who was affected by this closing, whether they be from the north, south, east or west, should make their feelings known at the next election by voting out those who were responsible for this mess. RE-OPEN NEW ROC ICE RINK!
I bet the attorney’s for
I bet the attorney’s for Cappelli are going to be very busy. I bet they get their money in advance of representation. This all could not have happened to a more deserving bunch.
The Karma for closing down the skating rink for no apparent reason or tenant which hurt hundreds of Youth Players is coming back to get him. Its only a matter of time before some of the Politicians who laid down with this dog start to itch themselves out of office. We may just end up with New Roc in the same position it was when Macy’s left it. I applaud the IDA of New Rochelle, Tim Idoni, Mayor Bramson for all the great work.
DEMOCRATS Ruined New Rochelle and Westchester
They keep getting voted in, they know they will win, they don’t care about making backroom deals and massive corruption. My guess is that the new Republican administration in the county will uncover massive shortages. I wouldn’t be surprised if we were 150-200 million short. Keep voting democrat and we’ll be bankrupt.