Tri-State
SL Green, Cappelli join PRCP to redevelop Galleria White Plains
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SL Green, Cappelli, PRCP pitch White Plains mall redevelopment
Tri-state’s largest shopping conversion to deliver more than 3K apartments
From left: SL Green chair Marc Holliday, Cappelli Organization managing member Louis Cappelli, and Pacific Retail Capital Partners CEO Steve Plenge along with 100 Main Street in White Plains (Getty, SL Green, Cappelli Organization, Pacific Retail Capital Partners, Pacific Retail Design)
The companies behind one of the largest mall redevelopments in the tri-state area are making moves to bring thousands of apartments to Westchester County.
Pacific Retail Capital Partners, the Cappelli Organization and SL Green Realty filed a rezoning request for its multi-billion redevelopment of The Galleria in White Plains, Pacific Retail announced Thursday. The development group — which also includes Aareal Bank — presented a plan to the White Plains Common Council.
Pacific Retail bought the four-floor, 870,000-square-foot property in 2016, adding the Macy’s attachment to its holdings three years later. The four companies joined forces on the project a year ago, looking to transform the 10-acre shopping mall site.
The mall at 100 Main Street closed its doors at the end of March after 43 years in operation. Retail tenants included American Eagle, Foot Locker, Forever 21 and H&M.
The site proposal has seven residential buildings that could include up to 3,200 apartments, according to a news release. There would be 384 apartments set aside as affordable to comply with a local ordinance.
The buildings would include fitness, grocery and dining options. Roughly half of the project’s footprint, meanwhile, would be designated as open space in the form of a quarter-mile promenade with pet playgrounds and pocket parks.
The development would have 229,000 square feet designated for retail, restaurants and services, according to the Westfair Business Journal. All parking would be underground, but the number of spots hasn’t been determined yet.
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SL Green, Cappelli join PRCP to redevelop Galleria White Plains
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Louis Cappelli, managing member of his eponymous firm, told the outlet the price tag of the project would be $2.5 billion, though that price could go up. A formal application hasn’t been submitted. Members of the council seemed amenable to the development, though concerns about density and height are already springing up.
The project supersizes a growing trend of mall owners looking to add residential components to their properties as traditional shopping malls fall out of favor.