OFFICIAL: Cappelli LeCount Square Project Dead

Written By: Robert Cox

The City of New Rochelle confirmed this evening that the terms of the MOU Extension for the LeCount Square project granted to Cappelli Enterprises by the City Council in June 2010 have not been met. Asked if any documents had been submitted by Cappelli regarding the purchase of the U.S. Post Office building in downtown New Rochelle, City spokesperson Kathy Gilwit answered simply “no”.

A few days earlier, the United States Post Office confirmed to Talk of the Sound that no discussions had taken place regarding the sale of the main New Rochelle Post Office. Workers were recently observed painting the interior of the building.

City Council Member Al Tarantino said he considered the deal dead and noted that there was little support on Council for considering any further extensions. for Capelli Enterprises.

Cappelli Enterprises officials were reportedly away on holiday but their PR firm expected to have a formal statement next week.

Talk of the Sound previously reported on WVOX that Cappelli is in negotiations to sell its remaining stake in the Trump Plaza, the commercial portion of the development which has been without the long-promised retail tenants since the building first opened.

UPDATE: The Journal News quotes Mayor Bramson calling the end of the road for LeCount Square “a disappointment but not a surprising outcome”.

WARNING: We’ve been here before…from August 1, 2010…LeCount Square MOU with Capelli Expires, Ending Sad Chapter in New Rochelle’s Downtown Development Plans

The Comment Lamp is lit…have at it folks.

18 thoughts on “OFFICIAL: Cappelli LeCount Square Project Dead”

  1. What will happen to the property now?
    Question: what will happen to the property now besides art hanging in the windows. Any plans to rent the apartments and store fronts?

    Let’s move IN the stores and rent the apartments and move OUT the blight.

    A free idea, a 70s themed disco/restaurant at Club Miami with live bands and palm trees.

  2. Standard Star Building
    I, for one, am relieved — especially that the Standard Star building (one of my favorite buildings in New Rochelle) is no longer slated for demolition. The best way to avoid its future demolition is for it to house a compelling and exciting use. I think it would be well-suited for a steakhouse and bar. There are probably many other uses. Does anyone else have any ideas?

  3. about time
    Well let’s see will city council give them another chance? Will cappelli pay those he owns? Bye bye Louis the party is over in New Rochelle.then again another 10,000 to Noam and crew and I’m sure you will be back.

  4. Bramson’s Ship Has Sailed with Lou Cappelli’s at the Helm
    Never before has one single Politician spent more time off loading favor for any one single developer.
    When you paint the ugly portrait of Bramson’s failed Political Career you can see the bluster and BS riding the bottom of the ocean floor.
    Certainly Sussman, Fertel and Strome where on the top deck of the Le Count Titanic playing music till they all went into the frozen abyss.
    Sad now the parts and pieces are all around.
    Surely there must be some other locale looking for Bramsonization “the old Cambridge try”. This guy must go down as the worst Mayor ever.

  5. historical bldg
    yes, I agree. The old Standard Star old building needs to be saved; refurbished and made into a restaurant or office bldg. Obviously something that Bramson and his stooges are unable to visualize. Thanks for suggesting it.

  6. It would be wonderful to see the Standard Star building get a face lift and be used for something meaningful. However, if left up to New Rochelle government/Bramson a vote for more “affordable housing” would probably come to their minds.

  7. Monroe interested in purchasing 5 Andersen St.
    The deal is dead but the politically connected in New Rochelle waste no time moving in. They feed like vultures on Capelli’s dead carcass. Why I’m referring to Monroe College’s interest in purchasing 5 Andersen St. for a student dormitory. Word is that Monroe is not welcome or comfortable on Fountain Place.

    1. Monroe on Anderson St
      So long as they pay the property taxes because giving students a place to live is NOT education – it’s making money for the college. The other colleges should pay up too. They don’t pay – they should get no services.

  8. future liability
    Someone please check this, but I believe that currently Monroe pays taxes.

    They are thinking of going non-profit and sticking New Rochelle with a huge tax hole with all the property that they are accumulating.

    Can we get a fact checker on this ?? !!

    1. All non-profits should pay real estate taxes
      I share Namenda’s concern. The NR City Council should move ASAP to discuss amendments to maintain real-estate taxes on any properties acquired by non-for profits, especially if these properties generate income. If more than 800,000 dollars could go missing from Iona, it is clear that these institutions generate huge profits and should pay property taxes and fees for city services.

      New Rochelle city residents can no longer afford to give them a free ride.

      The question to ask is why are properties that generate millions in revenue are not taxed if they claim not-for-profit status and private homes that generate no income or profit pay the lion’s share of the school and property taxes.

      Private residences in reality are the only nonprofits in this scenario.

      NR home and property owners might consider banding together to form a not-for-profit home owners association for properties that serve as primary residences and do not generate any income. These homeowners would be exempt from property and school taxes

      Any thoughts?

      1. Monroe is an embarrassment
        I’m concerned with Monroe’s growing interest in New Rochelle and it’s rampant purchasing of property. As a city, we should be more concerned about aligning ourselves with a for-profit “college” that prays on the poor and under educated. Since our city (or at least the downtown area) is becoming almost synonymous with Monroe, we should be asking them questions about their retention rates and what their graduation rates are. For-profit colleges will accept almost any high school graduate with a pulse and “help” them with the financial aid process. Basically this means advising students on how to take out excessive loans which leave them in extreme debt and with no real skills or connections to the professional job market. Again, like most of the new “development” in New Ro over the last few years, this is both harmful and embarrassing. As an educator, I almost feel as if it is an ethical crime.

        Can our city focus on getting legitimate retailers that will not ask for gross tax abatements? Can our city stop selling out its home owners to every developer that looks our way?

  9. LeCount is dead
    This might be a great time to get a store in there and collect rent/make money – what a concept!

  10. Le Count square and the rest of our down town!
    So now what?
    Here we are ,back at square one .
    We have an antiquated post office smack in the middle of our prime down town,surrounded by sevral bldgs
    with store fronts and apt’s that are empty.
    a large night club ,an old news paper bldg.

    And a shot down developer that just walked away!!

    I hope we are not happy about this !
    This town needs development to help off set the taxes.

    in thes economic times that look like they are
    only going to get worse before it get’s better.
    We schould be looking very hard into our town’s future!!

    We schould make sure that taxable properties stay taxed ,and not changed to non for profit .
    They were approved while they were taxable and
    schould atay that way.

    Then this Iona ,Schould not be allowed off campous huosing without being a a txable property.
    They make a considerable amount on there housing, and it cost’s us ( the city ) tax dollars..

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