EXCLUSIVE: Fidelco Last Left Standing in SFC Economic Development Project Partnership in Yonkers By HEZI ARIS
YONKERS, NY -- December 28, 2012 -- The twinkle in former Yonkers Mayors’ John Spencer and Phil Amicone’ eyes was the vision they collectively and respectively promoted and concocted from its very inception as the Master Development Plan that would resurrect a city with promise, purpose and fiscal viability. Instead, the mirage extolled as the vision for Yonkers’ future has eluded the City of Yonkers as Yonkersites have been deluded by Mssrs. Spencer and Amicone’s very ineptitude. The ineptitude was revealed by their “choosing” their “friends” for the Yonkers waterfront economic development project that came to be known as Struever Fidelco Cappelli, LLC, which consisted of Cappelli Enterprises of Valhalla, NY, Fidelco Realty Group of Millburn, NJ, and Struever Bros. Eccles & Rose of Baltimore, MD. The troika slowly shriveled from three into one. Struever Bros. Eccles & Rose was first to depart the scene. Last week, Cappelli Enterprises sold their interest in the project to the last of the three partners standing, that is, Fidelco Realty Group.
While Yonkers City Council President Chuck Lesnick presented his rationale for the need for Brownfields clean-up subsidies to energize the development in Yonkers and other New York State cities before the New York State Assembly, specifically extolling the moribund $1.5 billion SFC project as a success story that underscores the need for Brownfield subsidies, the Cappelli interests were sold to Fidelco. Coincidence, or simply timing?
Yonkers Tribune has learned that Fidelco is expected to present their plan for initiating the waterfront development during the first quarter of 2013.
Meanwhile, Yonkers Tribune has learned that Cappelli Enterprise’s gamble on the Concord Hotel development in the Catskills has been lost to rival developer Entertainment Properties Trust (EPT) of Kansas City who, upon paying a seemingly delinquent $157,000 note to the Sullivan County Industrial Development Agency, ended the former agreement Cappelli Enterprises held on the 1,600 acres in the Town of Thompson in the Catskills of New York.
Cappelli’s intent was to create a 250-room hotel that would have resurrected the Concord Hotel, a racino, consisting of a 2,150 video lottery terminal and a 200-acres harness racing track leased by Monticello Casino & Raceway’s owner Empire Resorts, a $150 million indoor water park, a redesign a golf course, and an additional 400-room hotel.
A call to Cappelli Enterprises went unanswered.