The gigantic retail and entertainment center is expected to span 4.8 million square feet upon completion.The long-delayed American Dream project at the Meadowlands Sports Complex in East Rutherford, NJ could finally be completed and deliver sometime in 2017. But as NJ.com reports, there’s a pretty big caveat out there in order for that to happen.
Canada-based Triple Five Group came on board as the project’s developer back in 2011, the third developer to be tasked with completion of the massive project since it was first proposed in 2003. The first developer went bankrupt and brought things to a halt, while the second developer that stepped up to the plate had some financing trouble that led to them being placed on the bench. Two years would pass, and Triple Five was given the nod to finally bring the American Dream Meadowlands project to a close.
The development and finance corporation with offices all over the world has revealed what it will need to finally wrap things up. Triple Five says that they’ll need the New Jersey Sports and Exposition Authority to sell $1 billion in bonds to help finance the project’s remaining construction costs. All told, the long-delayed project could come in at a total construction cost of nearly $5 billion.
The project has already been the beneficiary of several forms of government assistance, including $675 million in bonds that were placed on the market last summer, as well as almost $400 million in tax breaks courtesy of Economic Redevelopment and Growth. About $1 billion in tax revenue that is projected to be collected from the American Dream will bypass the state’s coffers and make its way into the hands of bond investors, while traditional property tax collections will be diverted for an extensive amount of time, with Triple Five slated to make payments in lieu of property taxes.
The state is doing its part to make the American Dream a reality. The gigantic retail and entertainment center is expected to span 4.8 million square feet upon completion. Dozens of businesses are already on board to take up residence at the complex, which will feature a wealth of shopping and entertainment options, including an NHL-sized indoor ice rink, a dine-in movie theater, six anchor retail tenants, and a plethora of dining destinations.
Triple Five has developed, owned and managed several notable complexes, including Minnesota’s Mall of America and the West Edmonton Mall in Canada. The company has another enormous project in the works down in the Sunshine State of Florida, a project known as American Dream Miami.