Dive Brief:
- Developers of the American Dream Meadowlands megamall in East Rutherford, NJ, announced Friday that they had secured a $1.6 billon construction loan, meaning that crews can start mobilizing to go to work on the project, according to NorthJersey.com.
- Now that the loan is set, Triple Five Group can initiate a $1.5 billion bond sale that will pay for the balance of project costs. The loan is the product of a four-year search for additional funding on the project that has already seen $2 billion of investment.
- The project, which was approved by the state 14 years ago, is expected to be complete in March 2019.
Dive Insight:
Triple Five announced last month that construction had restarted on the retail and entertainment complex in anticipation of the loan after work stopped in December 2016 amid reported financial issues.
When complete, the project will include retail and dining venues, as well as a DreamWorks Water Park, a Nickelodeon Universe Theme Park, a Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, Cinemax movie theaters, a Sea Life Aquarium, a Legoland Discovery Center, miniature golf course and an ice skating rink, according to REBusiness Online.
Meanwhile, the American Dream Miami project, also a Triple Five development, is not expected to open until 2022, two years past the original completion date, due to infrastructure upgrades that won’t be complete for five years. Project officials said improvements are needed to avoid the massive traffic jams that some residents have predicted.
The amusement-themed retail center in Miami would be the largest project of its kind, even surpassing the Mall of America in Minnesota. The project is expected to include 6 million square feet of commercial space, 2,000 hotel rooms, more than 3 million square feet of retail and more than 1 million square feet of entertainment space. Developers are positioning the project to compete with Walt Disney World in Orlando.
