Apartments Could be Coming to Two Malls in the Hudson Valley
The owner of the two biggest malls in the Hudson Valley announced an ambitious plan to incorporate residences into mall properties throughout their portfolio.
Pyramid Management Group unveiled a long-term plan to incorporate residential housing into the company’s portfolio of enclosed shopping centers. In a press release, the owner of the Poughkeepsie Galleria and the Galleria at Crystal Run touted its current projects including a new 282 unit development in Massachusettes and others in Syracuse and the Crossgates Mall in Albany, New York.
Stephen J. Congel, CEO of Pyramid Management Group says that he plans to replicate the success of these projects throughout the company's list of properties.
The development of a residential complex at our 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. We are pleased to be moving forward with other residential projects across our portfolio.
The plan, according to Congel, would not only create rental properties aimed at millennials and empty-nesters but would also generate more foot traffic at the malls. The company's Kingston Collection of residences touts itself as "a place to shop, dine, play and live."
A representative from Pyramid Management Group did not offer a timeline for similar projects that could be proposed at malls in the Hudson Valley, only saying it's a "diversification strategy we are looking to replicate across the portfolio, with additional development underway at some of our properties."
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