DESTINY USA DEVELOPMENT TIMELINE

For decades, Bob Congel and his development team have been investing in Syracuse. For the past ten years, the emphasis has been on developing and implementing the ideas that will make Destiny USA a global success story. To date, the owners of Destiny USA have invested more than $400 million in the development of the project. This timeline will take you through the highlights of the journey to make Destiny USA the country’s next great destination.

1970 – 1975
The Pyramid Companies is created, with managing partner and visionary Bob Congel opening three of his “pioneer malls” in 1975.

1976 – 2000
The Pyramid Companies experiences steady growth, adding the Carousel Center of Syracuse, NY to its retail footprint in 1990. By the mid-1990s, the company is recognized as the largest privately owned retail development company in the country.

Community leaders and government officials recognize the success of the Carousel Center and — following a public study in 1999 — encourage Congel to develop the site further.

Working in partnership with the city and county, Congel creates a unique financial model that allows him to develop the site without taxpayer dollars.

Realizing the potential of the new financial model, Congel and partner Bruce Keenan step away from the Pyramid Companies’ day-to-day activities, allowing them to focus exclusively on a new type of development — Destiny USA.

2001
The Destiny USA team works tirelessly with all levels of government to finalize their unique financing strategy. Destiny USA receives Empire status, and the federal government approves its Empowerment Zone Application for development of the surrounding area.

2002 – 2003
Destiny USA announces that all construction and operations moving forward will embrace green principles and renewable energy.

Destiny USA unveils a full lakefront master plan — which includes hotels, a convention center, golf courses, harbor and indoor park. Hundreds of leading companies, including Accenture, Microsoft and IBM, partner with Destiny USA to test and develop innovations in technology, renewable energy, digital design, retail science and green construction.

2004
Destiny USA helps the federal government create Federal Green Bonds Legislation, creating $1.04 million in tax-exempt bonding based on meeting specific green standards. This strategy added yet another layer of financing to the project, further insulating taxpayers from cost or risk.

2005 – 2007
The first phase of the project, an expansion of the Carousel Center, is delayed, as disagreements between Destiny USA and the city of Syracuse lead to litigation. Six months later, the two sides settle, as the city and county receive $64 million in pre-paid fees, and Citigroup agrees to assist Destiny USA with construction financing. Soon after, Destiny USA sells bonds to raise additional capital, allowing construction on the expansion to begin.

Destiny USA is recognized by the EPA and national magazines as a model for green construction practices for, among other things, its use of bio-diesel, recycling practices and use of fly-ash in the concrete.

2007 – 2008
As Destiny USA prepares to finance the first onsite hotel, the economy and financial markets begin to collapse. Construction continues, thanks to the strength of the project and partnership with Citigroup. A new business model focusing on consumer research and a single technology platform is developed.

2009
Construction continues and an opening of Arendi, the world’s first living lab for consumer science, is slated for later this year.