By CHARLES V. BAGLIMAY 31, 2017
A $1.1 billion bond offering to help complete construction of the American Dream mall in the New Jersey Meadowlands went forward this week, nine months after the sale was originally planned.
In the story of the mall’s creation, the delay was a minor speed bump. Thirteen years after it was first announced, the project is on its third developer and is being built in the face of growing doubts about the viability of shopping malls and retail stores across the country. The associated-risks section of the bond offering runs to 38 pages.
But the current developer, Triple Five Group, contends that American Dream’s blend of retail stores and entertainment venues — the sprawling complex is to include a six-acre indoor water park, a Ferris wheel, movie theaters and an indoor amusement park, as well as Saks Fifth Avenue, Hermès, Toys “R” Us and Old Navy — is the future and the “complete opposite of a traditional mall.”
Malls are dying, and this one is DOA. Turn it back into a swamp.
The RW Garagzilla fans look to this for inspiration and justification.
Who’s backing the bond? Us taxpayers? (Not) funny that this is next to a forecast that 25% of malls will close in the next five years. Don’t throw good money after bad
call the police p b a fund. they got the money
Let the local birds have it.
what a waste of money. and the place is sinking into the shit pond.
Nothing but a union boondoggle, literally throwing good money in to a swamp of graft & corruption
Typical politically motivate waste of taxpayer dollars by ingnorant politicians.
What’s next? Public funding of video tape rental stores ? 8 track tape factory ?