The pandemic’s historic super-charging of online shopping has forced nearly every owner-operator of enclosed malls to rethink their components. Residential developments have become a top priority for several, the latest being Pyramid Management Group, owner of Destiny USA in Syracuse.
Trammel Crow Residential has broken ground on a 282-unit residential development next to Pyramid’s Kingston Collection mall in Kingston, Mass. With its announcement of the project, Pyramid stated its intent to introduce residential projects across its entire portfolio, which includes Walden Galleria in Buffalo, Salmon Run Mall in Watertown, N.Y., and Holyoke Mall in Holyoke, Mass.
“Kingston Collection is really just the beginning of a much broader, portfolio-wide diversification strategy to bring popular, exciting new uses such as residential, into the mix with our existing assets,” said Pyramid CEO Stephen Congel.
A recent article in Chain Store Age written by CBRE retail real estate experts John Morris and Bill Wright stated that residential and retail properties situated next to each other develop a symbiotic relationship that’s beneficial to retail tenants.