The 150-acre Syracuse retail and entertainment center, said to be the largest private-sector investment of its kind in state history, will have some features open to the public within a year, Pyramid officials say. The project is a massive expansion of the existing 1.6 million-sf Carousel Center mall, located in the 800-acre Onondaga Lakefront tourism district. It is expected to be fully operational by 2004.
The size of the original Carousel Center will be increased by more than four million sf, though project officials say it is impossible to calculate the actual size of the Destiny USA development because it has so many non-traditional elements. Pyramid executive Mike Lorenz also says published reports stating that Destiny USA will essentially be a knockoff of Minneapolis' hugely successful Mall of America are way off base.
"Destiny USA is a destination that's linked to a branding program with upstate New York's tourism region and it will be supported by a marketing fund in excess of $30 million annually," Lorenz tells GlobeSt.com. "The project itself will exemplify a lifestyle experience." The marketing fund will derive from the 4% state portion of sales taxes collected at the venue, Lorenz adds. Moreover, Because Destiny USA will be located within an Empire Zone, the complex will be eligible for a variety of tax benefits.
In addition to hotel space--Lorenz will not reveal which hoteliers have signed on--the complex will include 400 retailers, a 65-acre glass-enclosed park, an indoor working model of the Erie Canal, a five-story indoor rock- and ice-climbing wall, Broadway-caliber shows and participatory and spectator sporting events.
Lorenz says municipal bonds will be issued by the Syracuse Industrial Development Agency to fund the project. While a Syracuse city official confirms that the bond issue is a go, he claims SIDA's portion will not cover the entire tab. Lorenz was unavailable by press time to confirm what, if any, additional funding is in place.
Meanwhile, Congressman James T. Walsh has announced that in US Department of Housing and Urban Development funding he secured for the Upstate New York International Tourism Center at Destiny USA has been released by the federal government. The facility will serve as the marketing headquarters for the entire region.
"I'm pleased that the Department of Housing and Urban Development has expedited the release of these funds," said Walsh. "The Destiny USA expansion and its adjourning tourism center will have a dramatic impact on the Central New York economy, potentially jumpstarting new business investment in the area and creating additional tourism opportunities across Upstate."
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