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$3 Billion Downtown/Waterfront Master Development Agreement For Yonkers Reached By
Agreement Designates Prominent Developer Louis Cappelli And National Developers Struever Bros. and Fidelco Realty As "Master Developers" In Multiple Areas Of
Downtown And Riverfront
|YONKERS, NY (February 1, 2006) -- In what will be one of the largest re-development programs in the New York metropolitan area - potentially in excess of $3 billion in new projects -- three prominent developers, Westchester's Louis R. Cappelli, Struever Bros. Eccles & Rouse, and Fidelco Realty Group have joined forces to become the "master developer" for extensive portions of the downtown, waterfront and several other areas of the City of Yonkers.
A Master Developer Agreement Document was signed by Mayor Phil Amicone at a briefing for the news media held at City Hall, designating a joint venture partnership formed by Cappelli of Valhalla, NY, Struever Bros. Eccles & Rouse of Baltimore and Fidelco Realty Group of New Jersey as the "master developers" for properties in an extensive area stretching from the Saw Mill River Parkway on the east to the Hudson River on the west.
The areas encompassed by the re-development concept plan represent all of the city's central business core, two miles of its industrialized riverfront and large areas along Nepperhan Avenue, Yonkers Avenue and other major downtown streets. A minor league baseball stadium is included in the planning.
Mayor Amicone said the agreement to designate the entity -- Struever Fidelco Cappelli LLC - as master developer reflects his desire to see a unified and concerted effort made to capitalize on the strong interest in Yonkers for real estate development as well as the overall strength of the real estate market in the New York area.
"I recognize that with this approach we are taking a dramatic step," he said, "but the time has come for Yonkers to take advantage of the incredibly strong real estate market and on the tremendous interest in new investment we are seeing in our city. Rather than continuing to try to develop sites on a scattered basis, I believe that having a master developer will create the critical mass needed to get a series of important new projects underway in the immediate future. Beyond this, it gives us a general direction for re-development over the next two decades. The approach is designed to jump start projects that have been stalled and to keep the momentum going for the long-term future."
He continued: "Both Struever and Fidelco are major national development companies with extensive experience in sophisticated urban redevelopment projects in major markets. They have been working with the city over the last two years to get such projects as the Chicken Island development and the Saw Mill River "Daylighting" project. The addition of Louis Cappelli to the effort brings a potent Westchester-based development force into the city. I am extremely confident that working together the three companies will spearhead a level of new investment and redevelopment that our city needs and deserves. I am very hopeful that the City Council will consider and approve this agreement."
Cappelli, who over the last six years has literally reshaped the downtowns of both New Rochelle and White Plains with major new mixed-use retail, residential and entertainment complexes, has become well known for his bold ideas and ability to get major new projects built quickly. In the last five years in downtown White Plains he has $700 million in new construction either completed or underway. In downtown New Rochelle he has completed or is working on projects valued at $1 billion.
With regard to Yonkers, Cappelli said: "This is one of the best development opportunities in the entire Metropolitan area. Mayor Amicone is taking a highly creative approach that I believe will result in numerous new projects being undertaken in a short time span. We are confident that we can bring exciting new projects to the table quickly. Our goal is to get several cranes in place and to see Yonkers take its rightful position as one of New York's great cities."
Marc Berson, Chairman of Fidelco, based in Millburn, NJ, said his company and Struever Bros. have been planning a number of projects in Yonkers including a 6,500-seat minor league ballpark and waterfront residences. "We are pleased to be joining forces with Louis Cappelli and our friends at Struever Bros. in what will be a dynamic partnership that will bring the critical mass that's needed to make Yonkers a leading city for creative new development projects. We applaud Mayor Amicone for his foresight and leadership in helping to bring our three firms together."
Bill Struever, President and CEO, Struever Bros. Eccles & Rouse said that "Yonkers has an incredible mix of people, good architectural bones, great topography, and proximity to the Hudson River. The City is poised to be one of New York's greatest cities in which to live, work and play. With Fidelco and Cappelli, we look forward with great hope for a better and more prosperous Yonkers."
The Mayor stressed that the many new development projects already underway will not be affected by the master developer designation. "We have many excellent developers working in Yonkers today and we expect that they will continue to do so in the future. The entire approach is to get started on the major projects that the city wants and needs and to stimulate development activity on surrounding sites."
Throughout the areas covered by the master developer plan, there are city-owned and privately owned parcels. Not all properties would be affected in all areas. In cases where new development is sought, the private developers would seek to acquire any necessary privately owned parcels. As a last resort, the City would consider resorting to condemnation proceedings if such an action was deemed appropriate or necessary.
The scope of the planned projects, while extensive, will be undertaken in phases.
Mayor Amicone said that the goal of the planning concept is to incorporate and coordinate re-development along the major traffic arteries linking the Saw Mill River Parkway corridor to downtown and the Hudson riverfront.
"There is a great deal of logic that goes with this plan," he said. "We have identified the areas in which re-development is reasonable, possible and desirable. With the development team that has now joined forces, we are in a position to truly see Yonkers become Westchester and the New York area's hottest address. A great deal of new investment is already being made in Yonkers. Now, with Louis Cappelli joining forces with Struever and Fidelco, we are on the threshold of an exciting new era in our city."
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