Entertainment Properties Trust, the majority owner of New Roc City, has commenced litigation in federal court against Concord Resorts, LLC, a company controlled by Louis Cappelli. Over $163.1 million in loans owed to Entertainment Properties Trust by Concord Resorts are currently in default, all of them personally guaranteed by Capelli, according documents filed with the U.S. Court in Kansas City, MO.
The litigation all but ends any hope of bringing a Kohhl's department store -- and with it a Target department store -- to the New Rochelle retail and entertainment complex. At a City Council meeting on November 10, 2009, a Capelli Enterprises spokesperson told the New Rochelle City Council that Kohl's Department store would sign an agreement to take space at New Roc City in "a week to ten days away" or no later than November 20th. It has now been 102 days since Joseph Apicella told the City Council that a deal with Kohl's department store would be signed; a second deal with Target department stores was said to be contingent on a deal's with Kohl's.