Deal Reached For Several Retailers At American Dream Mall At Meadowlands

EAST RUTHERFORD, N.J. (CBSNewYork/AP) -- A long delayed megamall at the Meadowlands in East Rutherford has announced agreements with several major national retailers for its scheduled summer 2017 opening.

The American Dream Meadowlands announced Friday that Lord & Taylor and Saks Fifth Avenue will open at the mall.

The mall at the Meadowlands was originally known as Xanadu and scheduled to open in 2007. It languished during the economic downturn before Triple Five took over at the end of 2010. The project was also stalled by lawsuits filed by the Giants and Jets, the tenants of the Meadowlands' Met Life Stadium, over the design and traffic concerns. But the teams agreed to drop the lawsuit in March 2014.

Triple Five, the project's developer, plans to invest $2.5 billion in the site, $800 million of which will be raised through bond issuances.

The state approved up to $390 million in tax breaks for the project last month.

Saks will also open an outlet store there.

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