Faros Properties and Caspi Development to begin leasing at 48,000 s/f Heritage White Plains; Open-air, retail destination targeted to open in 2016; Architect Arrowstreet

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, received site plan approval and will begin leasing Heritage White Plains, a 48,000 s/f, open-air, shopping and restaurant destination. Heritage White Plains is located at 120 Bloomingdale Rd., across from Bloomingdale's, south of The Westchester, and adjacent to the 145,000 s/f former Nestlé headquarters that the partners own and are renovating. Heritage White Plains is positioned for 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 highway access and on-site parking -that is unmatched in other 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 Dev. "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," said Alex Leventhal, managing partner of Faros Prop. "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.