The New York Jets and New York Giants football teams agreed to drop their lawsuit against Triple Five, the Canada-based developer behind a massive proposed retail and entertainment complex next to MetLife Stadium in East Rutherford, N.J.
New Jersey Sports and Exposition Authority, the owner of the land, has been in talks with the developer and the NFL teams. A settlement was reached in New Jersey Superior Court yesterday.
The American Dream mall is expected to cover 2.4 million square feet and include an indoor ski hill, the country’s largest Ferris wheel and flagship locations for retailers Zara and Forever21, as previously reported. Formerly known as Meadowlands Xanadu, the project was launched under developer Mills Corporation in 2004, then fell into default during the economic downturn. New Jersey Governor Chris Christie recruited Triple Five, who developed Minnesota’s Mall of America and the West Edmonton Mall in Alberta, to take over the project in 2010. [WSJ] — Mark Maurer