The project partners with leading regional development players SL Green & Cappelli to explore the mixed uses of Galleria in white plainsa key property in a rapidly changing city
LOS ANGELES, November 3, 2022 /PRNewswire/ — Pacific Retail Capital Partners (PRCP) and Aareal Bank, owner of The Galleria at white plainstook a major step to ensure the future success of the downtown area White Plains, New Yorktoday forming a new joint venture in partnership with two of the most prominent players in the white plains and the NYC Metro real estate market: SL Green Realty Corp. and the Cappelli organization.
The Galleria, which opened in 1980, consists of approximately ten acres located in a qualified opportunity area in the heart of Downtown White Plains next to a major Metro-North transit hub. The region is experiencing a renaissance that over the past decade has seen an almost complete transformation. High-rise residential towers have already attracted thousands of new residents to this rapidly changing neighborhood. The 870,000 square foot mall became a focal point in completing the downtown reimagining.
“This is one of the most exciting mixed-use development sites in the world. New York metropolitan area,” said Steve Plenge, Managing Director of PRCP. “We have worked over the past few years to acquire Macy’s interest in the site, as well as the former Sears leasehold interest. Together with our new partners, we will reimagine the site as a dynamic project at mixed use that will focus on residential development and amenity-based retail.
With a proven track record of evolving and repositioning properties and a particular focus on unlocking value and improving the quality of its growing portfolio, PRCP, together with its new partners, is dedicated to creating a unique and strategic vision through cutting-edge planning and design efforts for the Galleria in white plains to transform it for the next generation.
The two new partners bring extensive local multifamily and office experience to the partnership. SL Green is the largest owner of office buildings in New York City and one of the greatest Westchester County. The Cappelli Organization was the catalyst for the renaissance of white plains downtown and involved in numerous residential, office and retail development projects in the greater Westchester County.
“We are extremely pleased to have the opportunity to join SL Green, Aareal Bank Group and Pacific Retail Capital Partners in the redevelopment of The Galleria site,” said Louis R. Cappelli, managing director of the Cappelli organization. “The reinvention of this property is an integral part of the dramatic transformation of downtown white plains it’s gone well. We are fortunate to be able to play a role in the recreation of the mixed-use property that will connect the city’s transit center to the Mamaroneck Avenue Corridor.
The redevelopment of the Galleria comes as our company begins the redevelopment of the former White Plains Mall property into Hamilton Green, also a mixed-use project. Together, the two major projects will effectively complete the downtown transformation that began as an urban renewal project over 50 years ago. »
Founder and CEO of the company Louis Capelli is responsible for imagining and building City Center 20 years ago, the residential and commercial complex that sparked the redevelopment movement that continues today. He followed this with the 46-story Ritz-Carlton towers that remade the city’s skyline. The Cappelli organization is redeveloping a former shopping center where they plan to develop Hamilton Green, a $600 million mixed-use complex consisting of four residential towers. The site is the last major redevelopment site in the Hamilton Avenue-Main Street corridor that connects the Metro-North station and the city’s transportation hub to the existing Galleria at white plains in the heart of downtown.
“The Gallery at white plains is an important property in Westchester County and the region. With our experienced property partners, the new master plan and design will build on the remarkable renaissance underway in Downtown White Plains“Plenge said. “The existing Galleria White Plains has been a community staple for many years. We plan to close part of the mall in early 2023 to scale the asset and rebalance the mix of uses through transformative development to meet next-generation needs,” Plenge added.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the leading retail operating groups in the United States, with over $3 billion of assets under management in United States. Situated at Southern California, PRCP provides end-to-end sourcing, appraisal, underwriting, appraisal, development, marketing and asset management of consumer real estate with a proven track record of repositioning commercial properties. PRCP strategically manages over 20 million square feet of regional outdoor lifestyle and mixed-use centers. To learn more, visit www.pacificretail.com or follow us on social media @PacificRetail
About Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international real estate specialist. It provides smart financing, software products and digital solutions for the real estate sector and related industries, and is present on three continents: Europe, North Americaand Asia Pacific. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance aspects being an integral part of this strategy.
About the Cappelli organization
A leading leader in real estate development and construction in the Northeast, the Cappelli Organization has a 40 year proven track record of excellence. Located in the center of Westchester County, New York Statethe company has successfully completed over 25 million square feet of development, including mixed-use, retail, waterfront, residential, hotel, restaurant, office, industrial, laboratory facilities and parking, representing a value greater than $10 billion. The company has an ongoing development and construction pipeline in New York and Connecticut over 20 million square feet. To learn more, visit www.cappelliorg.com
About SL Green Realty Corp.
SL Green Realty Corp., from manhattan largest office owner, is a fully integrated real estate investment trust, or REIT, primarily focused on acquiring, managing and maximizing the value of manhattan commercial properties. SL Green holds interests in 64 properties totaling 34.4 million square feet. This included interests in 26.3 million square feet of manhattan properties and 7.2 million square feet securing investments in debt securities and preferred shares. To learn more, visit www.SLgreen.com
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SOURCE Pacific Retail Capital Partners