In redlining case, New Jersey lender to pay $12M
Triple Five Group confirmed a little over a week ago that the long-awaited opening date for its American Dream Meadowlands in East Rutherford will not take place until late summer or early fall, as noted by NJ.com. The decision marked the third time that Triple Five has delayed the opening for the 3-million-square-foot megamall during its ownership of the roughly $5 billion project, which was once known as Xanadu before the Edmonton-based conglomerate assumed control of it in 2011. Triple Five, which resumed construction on the retail and entertainment complex in July 2017 after securing the last phase of its financing, had previously said that American Dream would be completed and opened by March 2019. Despite the continuous changes to its opening date, American Dream has delivered good news to a few investors. Bloomberg reported last year that the megamall’s high-yield municipal bonds are outperforming investment grade bonds, returning as much as 18 percent since their issuance date a year prior. Triple Five, which also owns the Mall of America near Minneapolis, is also pursuing other major projects, such as its $4 billion American Dream Miami development, an estimated $900 million stake in a Chicago supertall and a condominium and hotel deal in Beverly Hills. As for American Dream Meadowlands, Triple Five has promised to deliver amenities like an indoor ski slope and water park, a giant Ferris wheel and reportedly even helicopters to deliver shoppers to North Jersey from Manhattan. [NJ.com]
