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Oct 22, 2019 — First envisioned in 1996, the American Dream complex in New Jersey finally opens Friday at an estimated cost of $5 billion. The project has 

What is the American Dream Mall controversy?

The American Dream mall located in East Rutherford, New Jersey. A New Jersey town sued the American Dream mall and entertainment complex over its refusal to make about $7.5 million in property tax-like payments and $400,000 for sewer service.

What family owns American Dream Mall?

The Ghermezian family is best known for owning some of the world's biggest shopping complexes, including New Jersey's American Dream and a stake in Minnesota's Mall of America.

Who financed the American Dream Mall?

Developer Triple Five

To bankroll the mall's construction, developer Triple Five, who also owns the Mall of America in Minneapolis, the only U.S. mall larger then American Dream, utilized $2.7 billion in loans that included $1.1 billion of municipal bond sales.

Which is bigger Mall of America or American Dream?

American Dream, situated in New Jersey's Meadowlands Sports Complex, is second only to its sister mall, Mall of America, in square footage. Spanning roughly 3 million square feet, American Dream currently houses over 100 stores, including Apple, Saint Laurent, and Saks Fifth Avenue, according to its website.

Why is American Dream mall closing?

American Dream, which has faced construction delays, pandemic shutdowns, and a fire that closed its indoor ski slope for several months, has struggled to manage its debt. In November 2022, lenders led by JPMorgan Chase & Co. gave American Dream a four-year extension on repaying $1.7 billion in construction borrowing.

How much did the American Dream Mall project cost?

The American Dream Mall outside of New York City has turned into a financial nightmare for its owners and the contractor and subcontractors that helped build the massive $5-billion northern NJ retail complex and entertainment destination.

Frequently Asked Questions

When did they start building Xanadu?

Under construction for nearly a decade, Xanadu was to be the largest entertainment, sports, and retail complex in the country. Ground was broken for the project in 2004.

How long did the American Dream mall take to build?

More than 17 years in the making, American Dream megamall's story was shaped by retail's upheaval. First envisioned in 1996, the American Dream complex in New Jersey finally opens Friday at an estimated cost of $5 billion. The project has seen multiple owners, and ground was broken for the project in 2004.

What's the biggest Mall in the US?

Mall of America

List of largest shopping malls in the United States

#Mall nameLocation
1Mall of AmericaBloomington, Minnesota
2American DreamEast Rutherford, New Jersey
3Aventura MallAventura, Florida
4South Coast PlazaCosta Mesa, California

FAQ

Who was the contractor of American Dream?

PCL remained on as the only general contractor on the project after Whiting-Turner pulled out six years ago, and the amount of its construction contract is approaching $2 billion, according to Wayne Melnyk, PCL's vice president of major projects.

Why did it take so long to build the American Dream Mall?

The project was first proposed in 2003 by the Mills Corporation as the Meadowlands Xanadu, with construction beginning in 2004. After the Mills Corporation's bankruptcy in 2007, the project was taken over by Colony Capital. In May 2009, construction stalled due to the bankruptcy of Lehman Brothers.

How is the American Dream Mall doing?

Financial expenses, which include debt payments, hit $189 million in 2022. Meanwhile, revenue last year only grew 6%, to $183 million — far below the billions its owner, Triple Five, initially projected — as 15% of the American Dream Mall remains unleased just three years after its initial debut in October 2019.

When did they finnaly start construction american dream mall nj

How much money is the American Dream Mall losing every year?

The 3.5-million-square-foot shopping and entertainment complex, home to an indoor ski slope, amusement park and water park, lost about $245 million in 2022 as expenses almost doubled to $428 million, according to the three-page document posted Monday to the Municipal Securities Rulemaking Board's EMMA website.

When did American Dream Mall construction start?

More than 17 years in the making, American Dream megamall's story was shaped by retail's upheaval. First envisioned in 1996, the American Dream complex in New Jersey finally opens Friday at an estimated cost of $5 billion. The project has seen multiple owners, and ground was broken for the project in 2004.

Is American Dream mall losing money?

The Ghermezian family's East Rutherford complex lost $245 million in 2022, according to a draft securities filing posted to Municipal Securities Rulemaking Board's EMMA website and reported by Bloomberg. Expenses at the 3.5 million-square-foot property almost doubled, reaching $428 million last year.

  • How long did American Dream take to build?
    • More than 17 years in the making, American Dream megamall's story was shaped by retail's upheaval. First envisioned in 1996, the American Dream complex in New Jersey finally opens Friday at an estimated cost of $5 billion. The project has seen multiple owners, and ground was broken for the project in 2004.

  • When did the American Dream start being built?
    • 2004

      The project was first proposed in 2003 by the Mills Corporation as the Meadowlands Xanadu, with construction beginning in 2004. After the Mills Corporation's bankruptcy in 2007, the project was taken over by Colony Capital.

  • Is the American Dream mall in Miami being built?
    • The project is located on 171 acres between I-75 and the Florida Turnpike. As of March 15, 2023 the project is in planning stage. A site plan was planned to be submitted to Miami-Dade in December 2022. Information regarding the architect, general contractor and method of selection has not been disclosed.

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