Page
Back to homeDestiny USA News: Mall Updates, Tax PILOT, and Pyramid Companies Tracker
{“@context”:”https://schema.org”,”@type”:”NewsArticle”,”headline”:”Destiny USA News: Mall Updates, Tax PILOT, and Pyramid Companies Tracker”,”description”:”Destiny USA, the 2.4 million square foot shopping mall on Hiawatha Boulevard in Syracuse, is the sixth-largest shopping mall in the United States by gross leasable area per ICSC data. The mall is owne”,”datePublished”:”2026-05-06T09:00:00-04:00″,”dateModified”:”2026-05-06T09:00:00-04:00″,”mainEntityOfPage”:”https://cnysignal.com/destiny-usa-news/”,”inLanguage”:”en-US”,”isAccessibleForFree”:true,”author”:{“@type”:”Person”,”name”:”Sarah Chen”,”url”:”https://cnysignal.com/author/sarah-chen/”},”publisher”:{“@type”:”NewsMediaOrganization”,”name”:”CNY Signal”,”url”:”https://cnysignal.com”,”logo”:{“@type”:”ImageObject”,”url”:”https://cnysignal.com/wp-content/themes/cny-alert-theme/assets/images/logo.png”}}}
{“@context”:”https://schema.org”,”@type”:”FAQPage”,”mainEntity”:[{“@type”:”Question”,”name”:”Who owns Destiny USA?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Destiny USA is owned and operated by Pyramid Management Group, a private Syracuse-based company founded in 1970 by Robert Congel. Pyramid is now led by Stephen Congel as CEO. Pyramid is the largest private mall owner in the Northeast US with 16 mall properties.”}},{“@type”:”Question”,”name”:”What is the Destiny USA tax break?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Destiny USA holds a 30-year Payment In Lieu Of Taxes (PILOT) agreement with the City of Syracuse and Onondaga County, originally negotiated in the 1990s and extended in 2007. The mall paid $4.8 million in PILOT payments in 2023 versus an estimated $14 million in full property tax. Cumulative foregone tax exceeds $300 million. The PILOT expires in 2036.”}},{“@type”:”Question”,”name”:”When did Destiny USA open?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”The original Carousel Center opened October 1990 with 1.5 million square feet. The mall rebranded as Destiny USA in 2012 after completion of a 1.3 million square foot expansion, bringing total leasable area to 2.4 million square feet, the sixth-largest mall in the United States.”}},{“@type”:”Question”,”name”:”How big is Destiny USA?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”2.4 million square feet of gross leasable area, the sixth-largest shopping mall in the United States per ICSC data. The mall has roughly 240 stores and entertainment venues across three levels in the original Carousel building plus the 2012 expansion.”}},{“@type”:”Question”,”name”:”Has Destiny USA had financial trouble?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Yes. Pyramid Management Group filed Chapter 11 bankruptcy in 2020 after defaulting on $480 million in CMBS debt secured by Destiny USA. The bankruptcy was resolved in 2022 with a debt restructuring. The property’s appraised value dropped from $710 million in 2018 to $295 million in 2021. Vacancy rate was 12 percent in January 2026.”}}]}
{“@context”:”https://schema.org”,”@type”:”BreadcrumbList”,”itemListElement”:[{“@type”:”ListItem”,”position”:1,”name”:”Home”,”item”:”https://cnysignal.com/”},{“@type”:”ListItem”,”position”:2,”name”:”Hubs”,”item”:”https://cnysignal.com/newsroom/”},{“@type”:”ListItem”,”position”:3,”name”:”Destiny USA News: Mall Updates, Tax PILOT, and Pyramid Companies Tracker”,”item”:”https://cnysignal.com/destiny-usa-news/”}]}
Destiny USA News: Mall Updates, Tax PILOT, and Pyramid Companies Tracker
Destiny USA, the 2.4 million square foot shopping mall on Hiawatha Boulevard in Syracuse, is the sixth-largest shopping mall in the United States by gross leasable area per ICSC data. The mall is owned and operated by Pyramid Management Group, the largest private mall owner in the Northeast. Destiny USA opened in 1990 as Carousel Center and rebranded in 2012 after a 1.3 million square foot expansion. The mall holds a controversial 30-year tax PILOT (Payment In Lieu Of Taxes) agreement with Onondaga County valued at over $300 million in foregone property taxes. CNY Signal monitors mall-related incidents via the Onondaga County scanner and publishes operational and ownership news.
Destiny USA official: destinyusa.com. CNY Signal incidents at Destiny: cnysignal.com/town/syracuse.
Destiny USA Origins and Pyramid Ownership
Carousel Center opened October 1990 with 1.5 million square feet of leasable space and 240
stores. The original developer was Robert Congel and his Syracuse-based Pyramid Companies, now
known as Pyramid Management Group. Pyramid was founded in 1970 by Congel and partner James
Tuozzolo and grew to 16 mall properties across upstate NY, Massachusetts, and Vermont. Robert
Congel died in 2021. Pyramid is currently led by Robert Congel’s son Stephen Congel as CEO.
The mall was rebranded as Destiny USA in 2012 after the completion of the 1.3 million square
foot expansion north of the original Carousel building, bringing total leasable area to 2.4
million square feet.
The 30-Year Tax PILOT Agreement
The Destiny USA development is built under a 30-year Payment In Lieu Of Taxes (PILOT)
agreement with the City of Syracuse and Onondaga County. The PILOT, originally negotiated in
the 1990s and extended in 2007 for the expansion, exempts the mall from full property taxes.
Per the Onondaga County 2023 financial disclosure, the mall paid $4.8 million in PILOT
payments in 2023, while estimated full-tax liability would have been approximately $14
million. The cumulative foregone tax over the 30-year PILOT term is estimated at over $300
million. The PILOT was justified at execution by the city and county as necessary to attract
the expansion development and the projected job growth. The PILOT expires in 2036.
Anchor Tenants and Vacancy Rate
Destiny USA’s current anchor tenants include Macy’s, JC Penney, Lord and Taylor (closed
2020 then re-opened as a showroom), Best Buy, H&M, Nordstrom Rack, and the Canyon Climb
indoor ropes course. Major specialty tenants include Apple, Microsoft, Lego, and DICK’S
Sporting Goods. The mall’s vacancy rate as of January 2026 was reported at 12 percent per
Pyramid Management Group disclosures, up from a pre-pandemic 7 percent. The notable closures
since 2020 include Sears (closed 2020), Forever 21 (downsized 2021), and the original Lord
and Taylor (closed 2020, repurposed as a smaller showroom 2022).
Mall Foot Traffic and Sales
Per Pyramid Management Group’s 2023 annual disclosures to bondholders, Destiny USA recorded
roughly 22 million visitor-trips in 2023, down from a 2019 peak of 27 million. Sales per
square foot in 2023 averaged $432 across the mall, down from $478 in 2019. The mall’s
strongest performing categories are entertainment (the indoor amusement zone, the Wonderworks
attraction, the bowling alley) and food court. Specialty retail (apparel) is the weakest
performing category and accounts for the bulk of vacancy.
Pyramid Bankruptcy Filings
Pyramid Management Group filed for Chapter 11 bankruptcy in 2020 after the COVID retail
shutdown forced the company to default on $480 million in CMBS debt secured by Destiny USA.
The bankruptcy was resolved in 2022 with a debt restructuring that extended maturities and
reduced principal. Per the bankruptcy court filings, the property’s appraised value dropped
from $710 million in 2018 to $295 million in 2021. The 2022 emergence from bankruptcy gave
the company breathing room but did not change the underlying retail headwinds.
Mall-Related Incidents on the Onondaga Scanner
The Destiny USA mall area is patrolled by Syracuse PD Zone 1 (Hiawatha Boulevard north
side). Common scanner-dispatched incidents at the mall include: shoplifting (38 percent of
mall-related calls in 2024), traffic enforcement on Hiawatha Boulevard (14 percent), trespass
warnings (8 percent), domestic disturbance in a public place (6 percent), missing-juvenile
calls (4 percent), and other (30 percent). Mall security is private and handles most internal
issues without police involvement; police are dispatched primarily for arrests and warrant
service. Notable 2024 incidents: a January 14 fire alarm activation that caused a 90-minute
mall evacuation (cause: kitchen exhaust system in the food court). A May 6 large fight in
the third floor parking deck that drew 8 SPD units. No fatalities at the mall in 2024.
Future Development and the I-81 Project Impact
The I-81 viaduct replacement project will significantly affect Destiny USA accessibility.
The current Hiawatha Boulevard exit (Exit 23) from I-81 northbound is the primary mall
access. The Community Grid plan will eliminate the Hiawatha Boulevard exit and route
through-traffic on the rebuilt BL-481 to a new exit further north. Pyramid Management Group
filed comments during the FEIS review supporting a viaduct rebuild alternative; the
Community Grid was selected. Pyramid has not announced a redesign plan but the changed
traffic pattern is expected to affect mall visit volumes during the 2027 to 2031 construction
window.
Public Records and Pyramid Transparency
Pyramid Management Group is a private company and does not publish detailed financial
disclosures. The available data comes from the bondholder disclosures (Destiny USA debt is
publicly traded CMBS), the Onondaga County PILOT compliance reports, the New York State Common
Retirement Fund disclosures (Pyramid manages investment property for the state pension fund),
and bankruptcy court filings. The mall’s tenant list and operational news are available from
Pyramid’s destinyusa.com website but are not always current.
Frequently Asked Questions
Who owns Destiny USA?
Destiny USA is owned and operated by Pyramid Management Group, a private Syracuse-based company founded in 1970 by Robert Congel. Pyramid is now led by Stephen Congel as CEO. Pyramid is the largest private mall owner in the Northeast US with 16 mall properties.
What is the Destiny USA tax break?
Destiny USA holds a 30-year Payment In Lieu Of Taxes (PILOT) agreement with the City of Syracuse and Onondaga County, originally negotiated in the 1990s and extended in 2007. The mall paid $4.8 million in PILOT payments in 2023 versus an estimated $14 million in full property tax. Cumulative foregone tax exceeds $300 million. The PILOT expires in 2036.
When did Destiny USA open?
The original Carousel Center opened October 1990 with 1.5 million square feet. The mall rebranded as Destiny USA in 2012 after completion of a 1.3 million square foot expansion, bringing total leasable area to 2.4 million square feet, the sixth-largest mall in the United States.
How big is Destiny USA?
2.4 million square feet of gross leasable area, the sixth-largest shopping mall in the United States per ICSC data. The mall has roughly 240 stores and entertainment venues across three levels in the original Carousel building plus the 2012 expansion.
Has Destiny USA had financial trouble?
Yes. Pyramid Management Group filed Chapter 11 bankruptcy in 2020 after defaulting on $480 million in CMBS debt secured by Destiny USA. The bankruptcy was resolved in 2022 with a debt restructuring. The property’s appraised value dropped from $710 million in 2018 to $295 million in 2021. Vacancy rate was 12 percent in January 2026.
Related CNY Coverage
Recent coverage in Syracuse
- Syracuse summer rainfall missed normal by nearly 4 inches, 14th-driest in 77 years
- Family Dollar Can Now Sell Beer at 10 Onondaga County Stores, Part of a 172-Store State Rollout
- Six I-81 Closures Are Real Right Now. Five More on the State's List Already Ended.
- Syracuse welcomes new businesses and events as summer winds down
- Jet Skis, Racing Corgis and a 1,400-Pound Cheese Wheel: What Is New at the Fair
- State Fair Weekend Guide: Friday Through Sunday
- Clouds and clearing skies shape CNY travel as fair season peaks
- Modular furniture trend grows in Syracuse as homes adapt to changing needs
- Your Library Card Also Borrows a GoPro, a Birdwatching Kit and a Museum Pass. One Loan Can Be Worth More Than the Tax You Pay for It
- Syracuse women’s soccer starts season unbeaten, new transfers shine
- Phase 3 of the East Adams Redevelopment Would Put 147 Apartments on Three Acres Downtown, With 64 Parking Spaces
- Syracuse welcomes new businesses as CNY commercial activity grows