WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Sep 28, 2023--
In what would be the largest conversion of an enclosed shopping mall into open space, mixed-use residential and retail in the New York Metropolitan Tri- State Region, Pacific Retail Capital Partners (PRCP), The Cappelli Organization, SL Green Realty Corporation, and Aareal Bank, owners of The Galleria at White Plains presented a plan to the White Plains Common Council. A key first step for the visionary redevelopment, spanning multiple city blocks in the heart of Downtown White Plains.
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The project would eliminate the vacant and outmoded 43-year-old retail mall and reimagines a new future for the Downtown area, connecting the community to much-needed transit-oriented housing and creating a vibrant, economically vital, and welcoming center of life in the heart of White Plains.
The multi-billion-dollar District Galleria presentation is the culmination of more than seven years of in-depth review and strategic master planning and features seven residential towers of varied heights with up to 3,200 apartments, of which 384 would be designated as affordable, in accordance with the City of White Plains Affordable Rental Housing Regulations. The buildings would combine state-of-the-art technology and building systems with amenity based/community needs for the residential units including fitness, grocery, dining, professional and personal services. The District Galleria is being designed as a sustainable project, meeting the silver LEED standard of high-energy efficient building materials.
Nearly half of the project’s footprint is designated as open space, breaking down existing barriers and creating a quarter mile-long green promenade complete with pet playgrounds, pocket parks, and lush landscaping for community gatherings, outdoor events, public entertainment, and art. The District Galleria features a garden promenade designed to link the adjacent neighborhoods at eight different access points, providing a place for the public to live, shop, walk, play, engage and be entertained.
The redevelopment of the Galleria site would align with the city’s strategic plan to expand transit-oriented development. The project aims to enhance the city’s skyline with buildings of varied heights to maximize views and create a light filled and landscaped place of natural beauty and elevated design.
Annmarie Plenge, Executive Vice President of Design for PRCP, is the Master Architectural Designer of the project. Plenge brings a wealth of more than 27 years of professional experience master planning large-scale mixed-use projects and is collaborating with world renowned architectural design and planning firm Gensler, along with Kimley Horn and Eric Rain Landscape Architecture to design this urban oasis.
“Experience driven mixed-use environments appeal to people’s desire for connection and belonging. They are poised to be the key in reviving our communities’ urban centers. The evolution of an enclosed mall to an open-air mixed-use development with the unified vision of The District Galleria is pivotal in evolving real estate for the next generation,” said Najla Kayyem, Executive Vice President for Pacific Retail Capital Partners.
In 2022, Pacific Retail and Aareal Bank developed a joint venture partnership to undertake the redevelopment of this iconic landmark destination with two of the most prominent players in the White Plains and NYC Metro real estate market: SL Green Realty Corporation and the Cappelli Organization. The two partners bring extensive local multi-family and office experience to the partnership.
“As an urban renewal project that began more than 50 years ago, the reimagining of this property is integral to the transformation of Downtown White Plains, which began in earnest over 20 years ago with City Center. The District Galleria will go a long way in making our local community more enjoyable, desirable, sustainable, and resilient,” added Chief Executive Officer/Founder of the Cappelli Organization, Louis Cappelli.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating, management, and development groups of retail-led mixed-use properties evolving real estate for the next generation. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, development, design, marketing, leasing, and asset management of consumer real estate with a proven track record of repositioning retail properties. PRCP has more than $3 billion in assets under management in the United States and strategically manages over 20 million+ square feet of regional, open-air lifestyle and mixed-use centers. To learn more visit www.pacificretail.com or follow on social @PacificRetail
About Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. It provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents: Europe, North America, and Asia/Pacific. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance aspects as an integral part of this strategy.
About the Cappelli Organization
A prominent leader in real estate development and construction in the northeast, the Cappelli Organization has a proven 40-year track-record of excellence. Centrally located in Westchester County, New York, the company has successfully completed over 25 million SF of development including mixed-use, retail, waterfront, residential, hotel, restaurants, office, industrial, laboratory and parking facilities, representing a value in excess of $10 billion. The company has a current development and construction pipeline in New York and Connecticut of over 20 million square feet. To learn more visit www.cappelliorg.com
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing, and maximizing value of Manhattan commercial properties. SL Green holds interests in 64 buildings totaling 34.4 million square feet. This included ownership interests in 26.3 million square feet of Manhattan buildings and 7.2 million square feet securing debt and preferred equity investments. To learn more visit www.SLgreen.com
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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Pacific Retail Capital Partners
Copyright Business Wire 2023.
PUB: 09/28/2023 10:01 AM/DISC: 09/28/2023 10:03 AM
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