Mall developer Bob Congel has begun breaking the news to his hometown that he may be getting out of the shopping mall business- with the definite exception, he says, of Carousel Center and that long envisioned mall-and-much-more, Destiny USA.
“While the trustees are conducting a comprehensive assessment of Pyramid as a business and how it will go forward, I want to assure the Syracuse community and Central New York region of the continuing commitment of the Congel family to Carousel Center and Destiny USA and to our other activities that stimulate the economic development, innovation, research and job creation that this region must have to continue its growth in a very competitive world,” said Congel.”
Pyramid owns 16 malls in New York and Massachusetts. They were for sale nine years ago, but the offers weren’t acceptable. Now, the rising value of commercial real estate, the company says, would make the shopping centers more attractive.
Still unanswered is what the company will do, or become, if it no longer owns those malls, and when- if ever- Carousel will become Destiny. Release of a timetable, even for the first-phase expansion now said to be getting started, would be an even more meaningful message of assurance from Bob Congel.