American Dream Meadowlands, a planned retail and entertainment complex next to MetLife Stadium in East Rutherford, N.J., may finally be moving forward thanks to progress on both the financial and legal fronts.
The New Jersey State Development authority approved a plan to sell about $750 million in bonds to fund the remainder of the project earlier this month, and final approval from the Bergen County Improvement Authority and the borough of East Rutherford is also reportedly near. Settlement talks between Edmonton, Canada-based developer Triple Five, the New York Jets and the New York Giants, who previously butted heads over the developer’s plan to add a water and amusement park to the massive project, are also said to be under way.
The project, formerly known as Meadowlands Xanadu, was launched under developer Mills Corporation in 2004, then fell into default during the economic downturn. New Jersey Governor Chris Christie successfully recruited Triple Five, who developed Minnesota’s Mall of America and the West Edmonton Mall in Alberta, to take over the project in 2010.
The structure will ultimately 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. [WSJ] — Julie Strickland