Report: Deal Reached In Lawsuit Between Jets, Giants And Meadowlands Mall Developer
HACKENSACK, N.J. (CBSNewYork/AP) -- The New York Giants and New York Jets have agreed to drop their lawsuit over the proposed American Dream megamall in the Meadowlands sports complex, according to a published report.
The Bergen County Record reports the NFL teams and the mall's developer, Triple Five Group, have reached a tentative deal to settle their dispute, but specific details haven't been disclosed. The developer will also drop its suit against the two teams, the report said.
The teams sought an injunction to prevent Triple Five from resuming construction at the site. They claimed the company's plans to add amusement and water parks at the site would adversely affect game-day traffic at MetLife stadium, where they play their home games.
Triple Five countersued, seeking damages for an alleged improper campaign by the teams to preserve their monopoly at the site while scaring off potential lenders from investing.
Xanadu, the name of the initial mall design, was supposed to open by 2007 but fell victim to the economic downturn. Triple Five, which owns the Mall of America near Minneapolis and the West Edmonton Mall in Alberta, Canada, took over the project in 2010 and added an amusement park and waterpark and renamed it American Dream.
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