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Xanadu Still Nothing More than and Eyesore

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Men Not at Work at Troubled Mall Development

Feb 2, 2017 · by Ilya Marritz

The half-built American Dream mall in New Jersey’s Meadowlands has yet again missed a target date to secure construction financing, raising fresh questions about the developer’s ability to complete the project.

On December 8th, developer Don Ghermezian told WNYC all the money is teed up  — nearly $2.7 billion dollars to complete work on the 90-acre mall near Met Life Stadium. The money is to be raised through tax-free municipal bonds and through private borrowing.

“I anticipate that prior to the Christmas holiday the public will know fully about the commitment on the financing,” Ghermezian said.

But Christmas came and went. Then a company spokesman said early January was more likely. Now it’s February, and there’s still no news of how the Ghermezians’ company, Triple Five, will pay to make a retail and entertainment pleasure dome out of the eyesore on state-owned land next to the New Jersey Turnpike.

https://www.wnyc.org/story/men-not-work-troubled-mall-development/