EAST RUTHERFORD, N.J. (CBSNewYork) — It looks like there will be more delays on construction of the anticipated ‘American Dream’ entertainment complex in the Meadowlands, as developers struggle to finance the completion of the project.
Triple Five, the project’s developer, was supposed to start selling $1 billion in public bonds last month to pay for the project’s completion, WCBS 880’s Stephanie Colombini reported. But now, that self-imposed deadline is being pushed to the early summer.
East Rutherford mayor James Cassella told the Record the borough agreed to issue $675 million in taxable bonds for ‘American Dream’ last year. According to Cassella, officials are concerned the delays could mean Triple Five’s planning to restructure the deal.
Restructuring the deal would mean local officials would have to go through the bond approvals process all over again.
The developer said recent downturns in the financial market are to blame for the delays. The company said they are working to keep East Rutherford informed on progress.
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.
The American Dream is scheduled to open in Bergen County some time in the summer of 2017.