LOS ANGELES November 3, 2022 – Pacific Retail Capital Partners (PRCP) and Aareal Bank, owner of The Galleria at White Plains, took a major step in securing the future success of downtown White Plains, New York, today forming a new joint venture partnership with two of the most prominent players in the White Plains and 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 Zone in the heart of Downtown White Plains next to a major mass transit hub of Metro-North. The area is enjoying a renaissance, which over the last decade has seen a near complete transformation. High-rise residential towers have already drawn thousands of new residents to this rapidly evolving area. The 870,000-square-foot mall has become a focal point in completing the reimagination of downtown.
“This is one of the most exciting mixed-use development sites in the New York Metro Area,“ said Steve Plenge, Chief Executive Officer of PRCP. “We have worked over the past few years to acquire the Macy’s fee interest at the site, along with the leasehold interest of the former Sears. Working with our new partners, we will reimagine the site as a vibrant mixed-use project that will be centered on residential development and amenity-based retail.
With a proven track-record of evolving and repositioning properties and a keen focus on unlocking the value and enhancing the quality of its growing portfolio, PRCP, together with its new partners, is dedicated to creating a unique and strategic vision through master planning efforts and cutting-edge design for the Galleria at White Plains to transform it for the next generation.
The two new partners bring extensive local multi-family and office experience to the partnership. SL Green is the largest owner of office real estate in New York City and one of the largest in Westchester County. The Cappelli Organization has been the catalyst for the rebirth of the White Plains downtown and involved with numerous residential, office and retail development projects in greater Westchester County.
“We are extremely pleased for the opportunity to join with SL Green, Aareal Bank Group and Pacific Retail Capital Partners in the redevelopment of The Galleria site,” said Louis R. Cappelli, Chief Executive Officer of the Cappelli Organization. “The reimagining of this property is integral to the dramatic transformation of downtown White Plains that is well underway. We are fortunate to be able to play a role in recreating the property with mixed uses which will link the city’s transit center with the Mamaroneck Avenue corridor.
The Galleria redevelopment comes as our company, is beginning 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 transformation of the downtown that began as an Urban Renewal project more than 50 years ago.”
Company founder and CEO Louis Cappelli is responsible for envisioning and constructing City Center 20 years ago, the residential and retail complex which triggered 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 plaza where they plan to develop Hamilton Green, an approved $600 million mixed-use complex featuring four residential towers. The site is the last large redevelopment site in the Hamilton Avenue-Main Street corridor that ties the city’s Metro-North station and transportation hub with the existing Galleria at White Plains in the heart of the downtown.
“The Galleria at White Plains is an important property in Westchester County and the region. With our experienced real estate partners, the new masterplan and design will build upon the remarkable renaissance under way in Downtown White Plains,” said Plenge. “The existing Galleria White Plains has been a community staple for many years. We anticipate closing a portion of the mall in early 2023 to evolve the asset and rebalance the mix of uses through a transformative development to meet the needs of the next generation.” Plenge added.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of retail-led properties, with more than $3 billion in assets under management in the United States. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, development, marketing, and asset management of consumer real estate with a proven track record of repositioning retail properties. PRCP 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