NJ’s massive mall project nears approval

New York /
Apr.April 24, 2012 09:00 AM

New Jersey’s American Dream, formerly known as Xanadu, has taken a big step forward just two weeks after the U.S. Environmental Protection Agency reiterated its opposition to the project. According to the Wall Street Journal, the New Jersey Sports and Exposition Authority, which owns the project’s land, submitted the environmental review document the EPA was requesting, clearing the way for permits needed to resume construction.

“We’re putting a lot of emphasis in getting shovels back in the ground there. We’re getting closer and closer. We really are,” said New Jersey Sports and Exposition Authority President Wayne Hasenbalg of the project, which has been stalled since 2009.

The documents were submitted to three environmental agencies to show the impact the 14.7-acre water park would have on the Meadowlands’ wetland areas. If approved, the project’s final major hurdle would be cleared.

At that point the $1.8 billion, 2.7 million-square-foot project just need to finalize a round of public financing and quell traffic concerns presented by the New York Giants and New York Jets, whose home stadium is adjacent to the development site. The former obstacle has been moving forward and terms are under review by the borough of East Rutherford, while NJ Transit will provide additional public transportation to ease the football teams’ fears. [WSJ]


Related Articles

arrow_forward_ios
Rendering of the Meadowlands Sports Arena with Convention Center (Meadowlands 2040 Foundation)
Convention center planned near American Dream mall
Convention center planned near American Dream mall
American Dream Mall (Getty)
NJ Transit eyes new service to American Dream mall
NJ Transit eyes new service to American Dream mall
American Dream Mall (Getty)
American Dream mall drains reserves to make payment on $290M debt
American Dream mall drains reserves to make payment on $290M debt
MAC Cosmetics has made four of its closed New York City locations available to sublease. (Google Maps)
MAC wants to sublease 4 NYC stores
MAC wants to sublease 4 NYC stores
The American Dream mall (middle) with the Mall of America in Minnesota (left) and the West Edmonton Mall in Canada (right) (Getty, iStock)
Had American Dream “burned down,” it would have been better: exec
Had American Dream “burned down,” it would have been better: exec
The American Dream mall in East Rutherford, New Jersey (Getty)
Bonds for troubled American Dream mall up 25% this year
Bonds for troubled American Dream mall up 25% this year
American Dream mall
New Jersey’s American Dream mall is a financial nightmare
New Jersey’s American Dream mall is a financial nightmare
Rendering of the American Dream project in the Meadowlands
This massive New Jersey retail development finally has an opening date
This massive New Jersey retail development finally has an opening date
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...