Pyramid Management Group has been rather busy lately shoring up the finances of its malls, including Destiny USA in Syracuse. Farther south in New York State and Massachusetts, it’s busy putting up residential projects to bring traffic to its centers.
The Syracuse-based company last month welcomed the first residents to a 282-unit apartment complex adjacent to its Kingston Collection on Massachusetts’ Plymouth Bay. Now it will do the same to stimulate traffic at Galleria at Crystal Run in Wallkill, N.Y., in the Hudson Valley.
Pyramid is working with Eliviat Group, a residential developer, to build a 224-unit market-rate residential complex on a five-acre parcel directly across from Galleria. The $40 million project is scheduled to break ground later this year and top out in June of 2024.
The four-story apartment complex will have a direct walkway connection to the Galleria, underground parking, and an acre of recreational space with a patio and pool for barbecues.
“This is really just the beginning of a much broader, portfolio-wide diversification strategy to bring exciting new uses into the mix with our existing assets. Staying ahead of the curve is the key to our success and resilience as a company,” said Pyramid CEO Stephen J. Congel in a press release announcing the Galleria project.
CBRE retail real estate experts have stated that residential and retail properties situated next to each other develop a symbiotic relationship that’s beneficial to retail tenants.