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December 8, 2008

Westchester County Business Journal

The New Rochelle City Council this week will vote on the final environmental impact statement for the 1 million square foot mixed-use LeCount Square project by developer Louis Cappelli.

Joseph Apicella, executive vice president at Valhalla-based Cappelli Enterprises Inc., said the developer expects city approval of the site plan in early 2009 and in the spring would seek construction financing for the approximately $450 million project.

Construction is planned for late spring or early summer, he said.

The current proposal reduces the overall size of the project somewhat in order to permit reduction in its parking requirement, said Mayor Noam Bramson. “The project’s essentials however have not changed. It still includes a balanced mix of retail, office, housing, hotel and restaurant uses.”

“LeCount Square presents tremendous economic and planning benefits to New Rochelle, particularly in a challenging economic climate,” Bramson said.

Craig King, the city’s commissioner of development, said the total size of the project will be 1,021,000 square feet.

King said there will be 1,027 total parking spaces on four levels of underground parking.

There will also be some utilization of the New Roc City parking garage.

King said the project, which will be located at the intersection of Huguenot Street and North Avenue, will be “the keystone in the entire downtown.”

“It’s critical and will have a huge positive impact on the city as a whole,” King said.

King said the project will feature 154,000 square feet of retail space, 330,000 square feet of office space, 150 hotel rooms and 243 residential units.

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