Trump joins Cappelli to build condos in White Plains

Westchester County Business Journal, Jun 14, 2004

The continuing renaissance of White Plains got a major boost recently with the announcement that real estate tycoon Donald J. Trump has partnered with local developer Louis R. Cappelli to build a luxury condominium tower, Trump Tower at City Center at Cappelli's $325 million City Center in downtown.

Trump's involvement in the project includes development, sales and management of the building after its completion. The financial terms of the partnership were not disclosed.

The 35-story tower, which will feature 212 luxury condominium residences, will be ready for summer 2005 occupancy.

Construction on the tower, which has been redesigned by Manhattan architect Costas Kondyhs, the designer of many of Trump's residential towers in Manhattan, has reached the 16th floor.

"This is a very exciting moment, not only for City Center, but also for White Plains and Westchester County," Cappelli said. "To have the Trump name directly associated with City Center immeasurably enhances the entire project, and is a huge asset."

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.

Trump 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 Trump's first entry into Westchester's emerging high-end 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 - all set on his new Trump National Golf Course.

"Trump National in Briarcliff has been a tremendous success," 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 now 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 smallcity 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."

The partnership comes on the heels of an April announcement that JP Morgan Fleming, a subsidiary of financial giant JP Morgan Chase, has invested $105 million in One City Place, which includes 311 apartments.

"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," Cappelli said.

He credited Mayor Joseph Delfino and the Common Council 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.

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."

Marketing Directors Inc. has been named marketing and sales agent for Trump Tower According to Adrienne Albert, president of 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 tower and will be responsible for complete construction oversight.