TORONTO–April 15, 2003–Abraham Reichmann, Chairman and Chief Executive Officer, Syata Group LLC, has signed a letter of intent to develop a unique US$100-million indoor, year-round entertainment, sports and themed-shopping destination in Buffalo, New York.
The letter of intent, which has been signed in collaboration with the County of Erie, the State of New York, the City of Buffalo, the Buffalo Urban Renewal Agency, and the Niagara Frontier Transportation Agency, a state agency, designates Syata as the developer of this project. Buffalo is a 20-minute drive from Niagara Falls, which attracts 12.5 million visits annually.
“A facility of this magnitude requires locations with sizeable local populations and governments which want to be active participating partners,” said Abraham Reichmann. “When you have all these elements working together, there is significant upside potential.”
The complex, which will be a minimum of 250,000 square feet, is a prototype that will be rolled out in other cities in North America and Europe.
“One of the many unique aspects to this development is that each facility will be tailored to complement the culture and history of the local region,” said Jeffrey Goodman, Executive Vice President, Communications, Syata Group.
Preliminary attractions planned for the complex include:
— Mini Beach with Indoor/Outdoor Waterpark
— Year-Round Indoor Snow Palace with Snowboard Half Pipe
— Festive-Themed Retail, Restaurants and Clubs
— Local historical and cultural exhibitions
— Children’s Playworld
— Multi-Purpose Show/Concert/Performance Venue
— Comedy Club, Dinner Mystery Theatre
— Music/Movie/Sports Exhibits
— Extreme Sports Venue
— Interactive Attractions
— Cyber Arcade
— Carnival Attractions
— Circus of Fire
— 3D/4D Motion Simulator Rides
— Mini TV/Radio Studio with Live Broadcast from Venue
— Indoor Racing Center
Syata Group LLC is a Reichmann family owned company controlled by Abraham Reichmann. Notable projects by the Reichmann family include the multi-billion-dollar Canary Wharf project in London, England, Battery Park City/World Financial Center in New York City and First Canadian Place in Toronto, Canada.