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/
Was a Boondogle from day one..
Scalps please on any public funds used to rescue this black hole
It’s all public funds welcome to new jersey
Bulldoze it.
time to cut bait. This developer has a long history of continuously extorting more and more money from municipalities to build/renew/update properties. We will never get back the money we’ve put in already, let alone any future money contributed to this eyesore.
I preferred the acres of cattails.
Bush’s fault
Knock it down and let it become a marsh again.