Developer pulls out of billion-dollar White Plains dealPosted: Updated:
A developer who planned to spend a billion dollars to redevelop downtown White Plains pulled out of the deal Monday after the City Council refused to grant him exclusive rights to prime real estate around a Metro-North station where the project would be centered.
Cappelli's "Station Square" plan included a high-rise office building and a spate of new retail space.
One by one, council members lined up against the plan Monday, objecting specifically to granting the exclusive rights for the land to Capelli, but adding that they want any redevelopment of the area to be made in the city's vision. They also said other developers should have a shot at the project and that the public should have a say.
Cappelli is currently developing a Ritz-Carlton Hotel and a block-long entertainment complex in the city. Some White Plains residents complained the changes are coming too soon.