In yet another sign of the revitalization of downtown New Rochelle, BCW member Cappelli Organization broke ground Wednesday on a new 14-story residential building located on the site of the former Standard Star newspaper building on North Avenue.
The new building will feature 112 apartments and approximately 4,000 square feet of ground-level retail space. The apartments, which range from 440 to 755 square feet, will be comprised of 13 studios, 92 one-bedroom and 7 two-bedroom units. The Standard will offer a combination of luxury amenities and easy access to mass transit that is very appealing to Millennials, a driving force in today’s rental market.
“We are pleased to start our newest venture in downtown New Rochelle with The Standard. When we opened New Roc City almost 20 years ago, we were pioneers in the revitalization of the downtown. Since then, the city has enjoyed a remarkable renaissance. We’re happy to add The Standard to our project portfolio and to continue to play a role in the redevelopment excitement in downtown New Rochelle,” said Louis Cappelli, Chairman and CEO of the Cappelli Organization at the groundbreaking ceremony which was attended by city officials and BCW President and CEO Marsha Gordon.
The start of the construction of The Standard marks a new strategy for the Cappelli Organization in New Rochelle to develop smaller rental units targeted to Millennials. Cappelli played a pivotal role in beginning the reimagination and revitalization of the City’s downtown. Over a 10-year period from 1997-2007, the company built approximately two million square feet of residential, entertainment, hotel, retail and garage properties.
Built in 1924, the Neo-Classical style building housed the operations of the Standard Star daily newspaper which left the building in 1975. The back portion that housed the printing presses will be demolished while the North Avenue façade will be preserved and incorporated into the new building. The project is expected to be completed in the fourth quarter of 2019.