Office of the Mayor
Mayor Philip A. Amicone

PRESS RELEASE
FOR IMMEDIATE RELEASE
February 2, 2006 

Contacts:          David Simpson                                     Geoff Thompson
                        Director of Communications                  Struever, Fidelco & Cappelli, LLC
                        City of Yonkers                                     914.762.1900  or  914.391.7147
                        914.377.6208  or  914.262.2950

Amicone Strikes $3.1 Billion Development Deal for Downtown Yonkers

 Prominent developer Louis Cappelli to join high profile national developers Struever Bros. and Fidelco Realty in minor league ballpark and waterfront development venture

 YONKERS, N.Y. (February 2, 2006)�In what will be one of the largest redevelopment programs in the New York Metropolitan Area�with more than $3 billion in projected development�three prominent developers, Westchester�s hottest builder Louis R. Cappelli, Struever Bros. of Baltimore, and Fidelco Realty of New Jersey, have joined forces to become the �master developers� for extensive portions of the downtown, waterfront and several other areas of the City of Yonkers, a venture that will include a new minor league baseball stadium among many other projects.

The agreement, forged by Mayor Phil Amicone over the past several months, was signed by all parties at a briefing for the news media held at City Hall on Thursday and designates a joint venture partnership known as Struever Fidelco Cappelli, LLC 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 the city�s entire central business core, two miles of its industrialized riverfront, large areas along Nepperhan Avenue, Yonkers Avenue and other major downtown streets, and a long-talked about minor league baseball stadium next to City Hall.

Mayor Amicone said the agreement reflects his desire to see a �unified and concerted effort to capitalize on the strong interest in Yonkers for urban renewal� and signaled a major step forward in his administration�s ongoing effort to expand the city�s tax base.

�I recognize that with this approach we are taking a dramatic step,� he said, �but it�s a dramatic step forward.  The time has come for Yonkers to take advantage of the incredibly strong real estate market and interest in new investment we are seeing in our city.  Rather than continuing to develop sites on a scattered basis, I believe that having a team of qualified developers 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 for decades to come.  I am confident that this approach will jumpstart projects that have been stalled and will keep the momentum going well into the future.�

Amicone continued, �Both Struever and Fidelco are major national development companies with extensive experience in sophisticated urban projects in major cities.  The addition of Louis Cappelli to the effort brings a potent local development force into the mix.  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 more than $3 billion over the next five years.�

Yonkers native Louis Cappelli, who over the last six years has literally reshaped the downtown�s 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 White Plains alone he has $700 million in new construction either completed or underway, including a residential tower built in partnership with Donald Trump.  His work in New Rochelle over the next several years will bring his investment there past the $1 billion mark.  He is also working in major new projects in Yorktown, Ossining, Stamford and other markets. 

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.�

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 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. 

Phase 1:

• The Gateway District:  The initial project includes development of two city blocks including the site formerly known as �Chicken Island� and the Getty Square municipal parking lot in the heart of downtown, just north of City Hall.  SFC envisions building 750,000 sq. ft. of mixed use retail, entertainment and residential development incorporating the minor league ballpark and up to 800 units of residential housing along with and major retailer, movie theaters and possibly a hotel.  The Gateway District will stretch east along Yonkers Avenue to Nepperhan Avenue.
• Parcels H & I:  These two riverfront redevelopment parcels south of the Yonkers train station have been approved for new residential construction.  SFC envisions creating residential buildings and parking that would also serve the existing Scrimshaw House building.
• Larkin Square River Improvement:  The much discussed concept of �daylighting� the Saw Mill River where it passes beneath Larkin Square will be carried out by SFC. The waterway will then become an integral part of the public landscape in this important downtown area.  For many years environmental groups, including Scenic Hudson, have called for this to be done.  Governor Pataki has also committed funding to this project.

Phase 2:

• Downtown Waterfront Corridor:  A large area including the Shop Rite site and about 10 city blocks lying along Hawthorne and Buena Vista avenues is envisioned for new development on selected sites.
• Alexander Street Area:  New waterfront residential buildings are envisioned for the old industrial properties north of the train station between the Hudson River and the Metro-North tracks.  This will be a signature building surrounded by open space.
• Post Office Square Area:  Mixed use redevelopment including commuter parking, office, residential and retail space is envisioned for this area between Main Street and Larkin Plaza.

Phase 3:

• Ludlow Transit Village:  SFC envisions creating a mix of residential and retail uses in the area adjacent to and nearby Metro-North�s Ludlow Station.  This area could include the sugar refinery area adjacent to the river should that property ever go out of industrial use.  The existing Ludlow Park residential neighborhood on the hill above this area would not be affected.
• Nepperhan Valley Area:  A mixed use of residential, retail and office uses are envisioned for the area following Nepperhan Avenue (Route 9A) corridor stretching from the Saw Mill Parkway overpass south to Yonkers Avenue.  Here it would tie into redevelopment envisioned along the Yonkers Avenue corridor as it runs west toward Getty Square.

Mayor Amicone said that another goal of the planning concept is to incorporate and coordinate redevelopment 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.�           

The agreement will now go to the City Council where Mayor Amicone expressed confidence that it would move quickly.  �We will give the Council all the information they need to approve the agreement as quickly as possible,� he said.  �I have already spoken with the developers who�ve assured me of their complete availability and cooperation during the Council�s review process.�

Once approved, SFC will have six months to return with a comprehensive zoning proposal that will designate uses, building heights, traffic flow and other specifications for properties included in the master plan. 

# # #

David Simpson
Director of Communications
City of Yonkers, Office of the Mayor
City Hall
Yonkers, NY 10701-3885
Office: 914.377.6208
Mobile: 914.262.2950
Fax: 914.377.6287
[email protected]

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