Developer Triple Five has a $2.65 billion financing plan in place that includes more than $1 billion in public bonds.The American Dream Mall project in East Rutherford, NJ has seen numerous delays since it first broke ground back in 2003, but a new financing plan may breathe some new life into the project. According to the Wall Street Journal, developer Triple Five has a $2.65 billion financing plan in place that includes more than $1 billion in public bonds.
The massive 2.9 million square foot project has long been envisioned as the anchor of the Meadowlands, which is a large section of land in northern New Jersey that has undergone its own set of changes through the years. There are huge plans in the works for the area in addition to the mall. It’s already home to the sports and entertainment complex known as MetLife Stadium, and a $1 billion casino project has been proposed for the site.
“You put all those things together and we have a serious opportunity to bring in major events,” shared Jim Kirkos, president and chief executive of the Meadowlands Regional Chamber.
Construction was halted at the site this past February, but Triple Five is hopeful that it will be able to deliver the project in the summer of 2018 if the current financing plan is approved. The developer has already signed on Lord & Taylor and Saks Fifth Avenue as anchor tenants, but they have bigger plans at hand than simply being a retail destination.
“We wouldn’t even really characterize ourselves as a shopping mall,” Triple Five vice president of development Tony Armlin said.
In addition to the more than 500 retail stores and restaurants that are planned for American Dream, the completed project will include an amusement park, an ice rink, a movie-theater complex, an aquarium, and a performance theater. Additionally, interactive activities including a ski slope, a water park and a miniature golf course are also in the pipeline.
“I’m open-minded that they could build something very spectacular there because of the amount of money that they’re putting into it,” says D.J. Busch, senior mall analyst for Green Street Advisors.