Pyramid Companies to Develop Nation's Largest Retail/Entertainment Complex

SYRACUSE, N.Y.PRNewswire/ -- The Pyramid Companies recently announced plans to create a five million-square-foot retail and entertainment destination in Syracuse, N.Y. Named "DestiNY USA," the complex will be the largest attraction of its kind anywhere in the nation, housing a unique mix of shopping, entertainment, recreation, dining and hospitality components.

The project represents a $1.3 billion private-sector investment and entails the expansion of the Carousel Center in Syracuse -- currently 1.6 million-square feet -- by over four million square feet. Development of the 800-acre complex is set to begin in spring 2002 and will create over 12,000 construction jobs.

"DestiNY USA will feature more than 400 world-class retailers, restaurants and recreational activities and over 2,000 hotel rooms," explained Robert Congel, Pyramid Companies' founder and senior managing partner. The facility is expected to attract over 40 million visitors annually.

The complex will also include a 90,000-square-foot saltwater aquarium; a 500,000-square-foot multi-field indoor sport and recreation complex; a 65-acre glass-enclosed park and a 1,500-foot long replica of the Erie Canal. "These and other attractions will clearly distinguish DestiNY USA as a leisure and resort experience unlike any other," Congel commented.

DestiNY USA's five-story atrium will be home to the $25 million, 50,000-square-foot International Tourism and Exposition Center designed to market the entire Upstate New York region as a national and international tourist destination.

The Tourism Center is a key part of the Upstate Tourism Bill recently passed by the New York State legislature. Operations of the Center and other Upstate New York tourism initiatives will be funded in full by sales tax generated by DestiNY USA, creating a dedicated resource that could reach upwards of $40 million annually. Results from the project and the regional tourism efforts are expected to include 140,000 permanent new jobs and an economic impact of $10 billion for the region.

Headquartered in Syracuse, N.Y., The Pyramid Companies is the largest shopping center developer and manager in the Northeast with 19 centers located in New York and Massachusetts. It is ranked 14th out of the top 75 shopping center owners in the U.S. (Source: Shopping Center World, August 2000) and has more than 30 years of experience in shopping center management, leasing, development, renovation, expansion and acquisition.

SOURCE: The Pyramid Companies, 11/05/2001
CONTACT: Sally Lange of MRA, o - +1-315-233-3000, c - +1-315-415-3710, sallyl@mragroup.com, for The Pyramid Companies