— First residents moving into new 282 apartment complex at Pyramid’s Kingston Collection; additional development underway at 224-unit “The Galleria Residences” at Galleria at Crystal Run —
Syracuse, NY – Pyramid Management Group, one of the largest private real estate developers in the Northeast, continues to make tremendous progress on its long-term plan to bring innovative and diversified offerings such as residential housing within the orbit of the company’s enclosed shopping centers.
Earlier last month, Trammell Crow Residential officially welcomed the first residents to its 282-unit residential development immediately adjacent to the Pyramid-owned and operated Kingston Collection mixed-use complex in Kingston, Massachusetts. The Alexan Kingston residential project brings much needed market-rate rental housing units to the area.
The Alexan Kingston residential project at the Kingston Collection
Continuing the momentum at the Kingston Collection, Pyramid replicated this formula at its Galleria at Crystal Run property in Wallkill, New York as the popularity of ‘live/work/play’ destinations continues to increase among the U.S. population, and especially within the Millennial and Empty Nester demographics.
Pyramid worked with Long-Island based Eliviat Group, on five acres of land directly across from the Galleria at Crystal Run that will be the site of a new 224-unit market rate residential complex, called “The Galleria Residences.” The project is expected to cost $40M to build and is scheduled to break ground later this year, with an expected completion date of June, 2024.
The Galleria Residences at the Galleria at Crystal Run
The development will feature a direct walkway connection to the Galleria at Crystal Run, feature four stories and underground parking as well as one acre of recreational space with a patio and pool for barbecues, relaxing and more. The amenity rich building also features a rooftop lounge and dog park.
Both Kingston Collection and the Galleria at Crystal Run follow a similar diversification strategy successfully executed by Pyramid that also brought the addition of hospitality to its Destiny USA flagship property in Syracuse, New York, and Crossgates in Albany, New York.
“The opening of a residential complex at our Kingston Collection and ongoing development at the Galleria at Crystal Run, 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. We are pleased to be moving forward with additional residential projects across our portfolio,” said Stephen J. Congel, CEO of Pyramid Management Group. “Staying ahead of the curve is the key to our success and resilience as a company.”
Data from the International Council of Shopping Centers (ICSC) confirms that retail destinations located near densely-populated residential buildings tend to benefit from higher levels of foot traffic and sales per square foot. Industry analysts also expect that the addition of new residential developments to existing retail destinations will increase over the next few years.
For more information about the Kingston Collection, click here. For more information on the Galleria at Crystal Run, click here.
###
Pyramid Management Group, owner of the Kingston Collection and the Galleria at Crystal Run, is one of the largest, most innovative, privately-held real estate developers in the northeast. Headquartered in Syracuse, New York, Pyramid’s portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality and residential presence dominate the northeast with 14 properties located throughout New York and Massachusetts. For over 50 years, Pyramid has built its reputation on being first, fast, ahead of the curve and always what’s next, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof. For more information, visit www.pyramidmg.com.
Kingston Collection, is now developing the premiere retail, dining, entertainment and residential destination for the South Shore. The new experience will incorporate residential living units, designer outlets, entertainment and dining alongside traditional retail experiences. New brands and experiences will continue to be announced this year while we develop this new, dynamic shopping and entertainment destination. Currently the site is home to an impressive selection of traditional retail and entertainment experiences including Macy’s, Target, Pinz, Sky Zone, and Regal Cinemas and national brands within specialty boutiques including Famous Footwear, Newbury Comics and Zumiez. Kingston Collection also offers a unique mix of dining options including B3 Restaurant & Bar, Study Hall 101 and more. Kingston Collection is strategically located just off Route 3, on Exit 17 in Kingston MA. Visit www.kingstoncollection.com and follow us on Instagram and Facebook for a complete directory of stores, ongoing specials, promotions and a calendar of events. For more information on the development visit www.kingstoncollection.com
The Galleria at Crystal Run is the Hudson Valley’s premier shopping, dining and entertainment center and a community resource for all the tristate area. The center is anchored by Target, Macy’s, Dick’s Sporting Goods and JC Penney, while offering more than 100 retail shops. The Galleria at Crystal Run offers 6 entertainment venues and 10 onsite eateries, such as AMC Theatres, Billy Beez, Urban Air Adventure Park, Round 1 Bowling & Amusement, 110 Grill, Fuji Japanese Steakhouse, Peru Cuisine, and the new Allan’s Mediterranean Bar & Grill. The Galleria at Crystal Run is your destination to EAT. SHOP. PLAY. Additional information regarding the Galleria at Crystal Run can be found by visiting, www.galleriacrystalrun.com
