Pyramid Management Group

The Pyramid Company

Company type	Private
Industry	Real estate
Founded	1970
Headquarters	Syracuse, New York
Key people	Robert J. Congel, founder and managing partner
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 Ithaca (The Shops at Ithaca Mall), Pyramid Mall Plattsburgh, and Pyramid Mall Saratoga. All three malls opened in 1975 and marked the beginning of an 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. However, all three of the original Pyramid Malls have been demolished for strip centers, except for the Ithaca property, which has since been sold.

List of properties

Current malls

• Aviation Mall - Glens Falls, New York - Opened 1976
• Berkshire Mall - Pittsfield, Massachusetts - Opened 1988
• Carousel Center - Syracuse, New York - Opened 1990
• Champlain Centre North - Plattsburgh, New York - Opened 1987
• Crossgates Mall - Albany, New York - Opened 1984
• Galleria at Crystal Run - Middletown, New York - Opened 1992
• Hampshire Mall - Hadley, Massachusetts - Opened 1978
• Holyoke Mall - Holyoke, Massachusetts - Opened 1979
• Hudson Valley Mall - Kingston, New York - Opened 1981
• Independence Mall - Kingston, Massachusetts - Opened 1989
• Palisades Center - West Nyack, New York - Opened 1998
• Poughkeepsie Galleria - Poughkeepsie, New York - Opened 1987
• Riverside Center - Utica, New York - Opened 1974 - Converted to a power center AKA Strip Mall in 1998.
• Salmon Run Mall - Watertown, New York - Opened 1988

• Sangertown Square - New Hartford, New York - Opened 1980
• Walden Galleria - Cheektowaga, New York (Suburb of Buffalo, NY) - Opened 1989

Past malls

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

• Pyramid Mall Plattsburgh - Plattsburgh, New York - Opened 1975 - Later named Champlain Centre South. Closed 1999. Demolished 1999 and revamped into a power center.
• Pyramid Mall Saratoga - Saratoga Springs, New York - Opened 1975 - Later named Saratoga Mall after being sold. Closed in 1997. Demolished in 1999. Now power center called Wilton Square.
• Emerald Square - North Attleborough, Massachusetts - opened 1989 with partner New England Development, sold interest 1998 to partner, now owned by Simon Property Group.
• Fingerlakes Mall - Auburn, New York - Opened 1976 - Sold to another company in 1996. (Currently owned by Jones Lang LaSalle)
• Silver City Galleria - Taunton, Massachusetts - Opened 1992 - sold to General Growth Properties.
• The Shops at Ithaca Mall - Lansing, New York - Opened 1976- Formerly Pyramid Mall Ithaca - Sold to Triax Properties.

Power Centers

The Pyramid Company owns the following shopping plazas:

• Crossgates Commons - Albany, New York - Opened 1994 - Across the street from Crossgates Mall.
• Hudson Valley Plaza - Kingston, New York - Opened 1996/1997 - Next to Hudson Valley Mall.
• Plaza at Crystal Run - Middletown, New York - Opened 1994 - Next to Galleria at Crystal Run.
• Shops at West Seneca - West Seneca, New York - Opened 1998 - On the site of former Seneca Mall.

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. Scott R. Congel (son of Robert J. Congel) has also stated his intention to use the ThEATery concept in his forthcomingMedley Centre project in Irondequoit, a suburb of Rochester, NY.

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 of new restaurants located near its movie theaters as well.

Controversies

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 March 2009, part of the project is under construction. Even with all of these blunders, the company has come to expand or rejuvenate some of its properties.

• Aviation Mall - Expanded 1985,2005
• Carousel Center - Pending expansion 2006 - 2010, currently under construction
• Champlain Center North - Small expansion 2007-2008
• Crossgates Mall - Expanded 1994. Cancelled expansion 1998
• Galleria at Crystal Run - Cancelled expansion 1998. Small expansion 2002
• Holyoke Mall - Expanded 1995, cancelled expansion 2001.
• Hudson Valley Mall -Expanded 1986, 1999
• Poughkeepsie Galleria - Expanded 1990. Cancelled expansion 1998
• Sangertown Square - Cancelled expansion 1998
• Walden Galleria - Cancelled expansion 1998. Expansion 2006.
• Pyramid Mall at Ithaca- Remodeled 1986, Expansion 1988 (Sears), 2002-2003 (Target and former JCPenney)

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). This policy, similar to one that originated at the Mall of America in 1996 from 6:00 pm to closing (it was changed to 4:00 pm at around the same time Pyramid initiated its MB-18 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.

External links

• Pyramid Company website
• Deadmalls.com — Website showcasing dead and struggling malls. Features some Pyramid-owned malls.