(Syracuse, NY and New York, NY December 17, 2010) – Destiny USA Holdings and Citigroup Global Markets Realty announce the resolution of the dispute between them, which follows more than one year of complex negotiations. The parties have reached a resolution that achieves three important goals:
(1) Notwithstanding the challenging financial climate, Destiny USA intends to pursue completion of the project,
(2) The resolution provides for a fund from which the contractors that worked on the Destiny USA project will be paid, and
(3) The resolution ends all litigation between the parties.
The parties are hopeful the resolution can be promptly implemented to allow the community and the contractors to receive the benefits of this very positive outcome.
The terms of the resolution are confidential between the parties.
About Destiny USA
Located in Syracuse, New York, Destiny USA is the latest project of developer Robert Congel and the Pyramid Companies. Over the last twenty three years, Pyramid has made related investments in Syracuse totaling $1.2 billion. When construction of the First Phase of Destiny USA is complete, it will be fully integrated with the 1.5 million square foot Carousel Center; an enclosed shopping center which attracts more than 20 million visits each year, employs more than 3,000 people and averages more than $400 million in annual sales. Pyramid owns 20 shopping centers across New York and New England that employ 33,000 people and average $4.5 billion in annual sales.