Development Dead-Ends in New Rochelle, Stalls in Chappaqua

House for Sale

$10 Million
Annual Property Taxes: $114,012
336 Stone Hill Rd, Pound Ridge

For a mere $10 million, real estate agent Kathleen Needell of Vincent & Whittemore will gladly sell you this renovated, 75-year-old, six-bedroom, five-and-a-half bath Colonial on almost 12 acres in Pound Ridge. It abuts a 70-plus-acre conservancy and features high ceilings, a fenced yard, a three-car garage, a caretaker’s cottage, and lush landscaping.Take a look at this slide show, and if you’re ready to take the plunge, punch in (914) 234-3642 and ask for Kathy.

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Is Cappelli’s New Rochelle Project Kaput?

Developer Louis Cappelli’s proposed LeCount Square project in New Rochelle has dead-ended, according to municipal officials. What does that say about the Queen City’s ability to encourage development? Not much. The proposed LeCount Square development (reportedly worth a half billion) would have meant a 1.15-million-square-foot, urban, mixed-use development right next to the Trump Plaza tower.

You’d think a city with coastline attributes like none other in Westchester would have fought harder not to lose such a prize. But LeCount Square, like Cappelli’s New Roc City before it and the stalled Echo Bay project from Forest City (high-rise buildings, stores, a hotel, and luxe residences), all turn out to be a matter of promises that never came true. Where to point the finger? At developers who can’t deliver these days—or at a mayor and city council who have failed to keep at least some small projects forging ahead until the good time return?

What About Chappaqua? No Kudos There, Either.

Reader’s Digest, the global publisher, is gone, and the iconic office building that RD’s founders DeWitt and Lila Wallace built 70-plus years ago now stands mostly empty. A fixture in Chappaqua since 1939, the site has become a focus of bitter feelings for the Connecticut-based partners in Summit Greenfield L.L.C., who purchased the property in 2004 for $59 million, renamed it Chappaqua Crossing, and hoped to rezone the 114-acre campus for commercial and residential development. In a letter to the New Castle Town Board, the developers demanded that members move the project forward with dispatch. Attorneys Stephen L. Kass of Carter, Ledyard & Milburn in Manhattan, and John S. Marwell of Shamburgh Marwell Davis & Hollis in Mount Kisco warned New Castle officials that further delays would not be tolerated. We’ll keep you posted on just what they mean by that.

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The developer also has a proposal to build 199 condominium units, including 20 affordable housing units, in what would be the town’s first planned multi-family district. Some suspect Chappaqua, a hamlet of New Castle, simply doesn’t want anything but expensive one-family homes within its borders.

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