The Pyramid Companies

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The Pyramid Company
Type Private
Founded 1970
Headquarters Syracuse, New York
Key people Robert J. Congel, founder and managing partner
Industry Real estate
Products Shopping malls, mixed-use
Revenue > US$ 5 billion annually (fiscal 2005)
Website http://www.pyramidmg.com

The Pyramid Companies were formed in 1970 in Syracuse, New York by Robert J. Congel. Its first three malls, or the company's "pioneer malls", were Pyramid Mall at Saratoga, Pyramid Mall at Ithaca, and Pyramid Mall at Plattsburgh. All three malls opened in 1975 and marked the beginning of a 40-plus year advance in shopping center construction and ownership. Currently, it is the largest privately owned developer of shopping malls in the country. The company has since grown to own 20 properties throughout New York and Massachusetts.

Contents

[edit] List of properties

[edit] Current malls

[edit] Past malls

The following is a list of malls that were either closed by Pyramid, or sold to another company.

[edit] Power Centers

The Pyramid Company owns the following shopping plazas:

[edit] ThEATery

The "ThEATery" concept was developed by the Pyramid Companies in conjunction with the opening of Palisades Center in 1998. It mixes movie theaters and upscale restaurants together for a combination of a movie/dinner experience. Currently, Palisades holds the only ThEATery concept, but a major renovation and expansion at the Walden Galleria on the side that faces I-90 will bring many new upscale restaurants and retailers never before seen at Pyramid Malls to the Buffalo, New York area.

A predecessor to this can be seen in the expanded portion of Crossgates Mall as that mall's Johnny Rockets and Houlihan's are located across from that mall's theaters. Also, the Galleria at Crystal Run has a new Johnny Rockets location, and a couple new restaurants located near its movie theaters as well.

The Pyramid Mall at Ithaca is currently building a 14 screen theater in the former Hills Department Stores/Ames site that will be the first component in that mall's embrace of the ThEATery concept.

[edit] Controversies

[edit] Expansion projects

The Pyramid Companies hold reputation for not following through on expansion projects to its properties. In 1998 alone, there were projects planned, but cancelled for 10 of the company's malls. Another controversy is the planned DestiNY USA project that will turn Pyramid's hometown mall Carousel Center into a nationwide tourist attraction. The project has been in the planning stages since the summer of 2000. As of April 2006, nothing has been done yet. Even with all of these blunders, the company has come to expand or rejuvenate some of its properties.

[edit] MB-18

In 2005, Pyramid began the implementation of a Parental Escort policy (branded MB-18) at the group's largest malls. The policy states that between 4:00 p.m. and closing on Friday and Saturday evenings, all children younger than 18 must be accompanied by an adult 21 years or older (exceptions are made for mall employees under 18 not employed at anchor stores and, depending on cases, those with valid college identification). The policy is currently in effect at Carousel Center (Syracuse), Crossgates Mall (Albany), Galleria at Crystal Run (Middletown, NY), Walden Galleria (Cheektowaga-Buffalo, NY), Holyoke Mall at Ingleside, and the Poughkeepsie Galleria. This policy is not effective at the company's other malls at this time, nor is it in effect for anchor stores with external entrances.

[edit] External links