Heritage White Plains Breaks New Ground in White Plains
48,000-sq-ft open-air luxury retail destination targeted to open in 2016
New York and Westchester County, NY – (August 19, 2013) – Faros Properties, a New York commercial real estate investment firm with properties in Westchester, NY and Fairfield County, CT, and Caspi Development, a leader in the ownership, management and development of residential and commercial real estate, recently received site plan approval and will begin leasing Heritage White Plains, a 48,000-square-foot, open-air, luxury shopping and restaurant destination. Heritage White Plains is located at 120 Bloomingdale Road, across from Bloomingdale’s, south of The Westchester, and adjacent to the 145,000-square-foot former Nestlé headquarters that the partners own and are actively renovating.
Heritage White Plains is positioned for luxury and exclusive retail tenants who prefer an intimate “main street” environment over an enclosed mall. The environmentally conscious Heritage White Plains development will include between 12 and 18 boutique retailers, specialty shops, and restaurants, along with pedestrian walkways, a public arts plaza, and an outdoor café. The design creates a new type of lifestyle center with pedestrian-friendly shopping and dining. Heritage White Plains offers ease of access — immediate highway access and abundant on-site parking — that is unmatched in other fashionable shopping destinations.
Faros and Caspi have retained Arrowstreet, Inc., an architecture and design firm based in Boston, to handle all aspects of development. Arrowstreet’s design for Heritage White Plains incorporates both modern and classic notes, combining refined contemporary details with natural materials. The full-service architecture, urban design, planning, interiors, and environmental graphics firm has been creating award-winning projects across the globe for over five decades.
“Arrowstreet is among the top architecture and design firms in the world and has extensive experience in environmentally friendly luxury development,” said Joshua Caspi, principal of Caspi Development. “Their innovative designs and sustainable approach align with our vision for the property. We are thrilled to have them on board.”
“In addition to filling the last gap in retail expansion along the Bloomingdale Road corridor, Heritage White Plains will provide a new type of center not yet seen in Westchester County,” explained Alex Leventhal, managing partner of Faros Properties. “Heritage incorporates a high level shopping experience into a sophisticated urban lifestyle environment.” Faros continues to seek direct and venture investment opportunities nationwide as the company expands their portfolio and explore overlooked development opportunities created by the economic downturn.
Faros Properties is located at 551 Fifth Avenue, Suite 413, New York, N.Y. and may be reached at 212.299.8700 or www.farosproperties.com.
Caspi Development, LLC, is located at 3010 Westchester Avenue, Suite 106, Purchase, N.Y. 10577, 914.694.8300, http://www.caspidevelopment.com.
About Faros Properties, LLC
Faros Properties is a New York City based real estate investment firm established by Alexander Leventhal, Jeremy Leventhal and Elliot Gould as a platform to target long-term private investment opportunities. Faros primarily targets core investments in supply-constrained markets with high concentrations of intellectual capital. Faros and its predecessor companies trace their roots to family-owned operations. The family has for over six decades been actively involved in the construction, development, acquisition, management, and financing of over 50 million square feet of real estate internationally.
About Caspi Development, LLC
Caspi Development has been a leader in ownership, management and development of residential and commercial real estate for more than 40 years. Based in Purchase, NY, the company is known for its diversity and ability to respond to market conditions and capitalize on opportunities. Over the last few years, the company has acquired through joint venture approximately 1,600 apartments in New York City. Most recent Caspi Development projects include a 500 unit apartment package in the Bronx with Finkelstein Timberger and CBRE Capital Markets, as well as a number of high end apartment projects in Brooklyn with Artemis Real Estate Partners. Other notable Caspi Development projects include the 600-room Holiday Inn located in Midtown Manhattan on 57th Street; the Chambers Hotel, a luxury 80-room hotel off Fifth Avenue and 56th Street, the Stamford Marriott Hotel in Stamford, CT; the Classic in Stamford and Hartsdale, NY; 235-245 Main Street, a 158,000 square-foot office property in White Plains, NY; and The Sanborn Map Building, a 75,000 square-foot office property in Pelham, NY.