EAST RUTHERFORD, N.J. (CBSNewYork) — A former Meadowlands site in New Jersey will get one more shot. After years of plans that fell through, this time, new developers say the dream will come true.

As CBS2’s Hazel Sanchez reported, the multi-colored monstrosity has been the source of confusion in East Rutherford for more than a decade.

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“It was going to be a casino, then it was going to be a mall,” Judith Jimenez said.

The project was first proposed as the Meadowlands Xanadu in 2003, was stalled twice by bankruptcy issues.

Now, the nightmare has finally secured construction financing to transform into the American Dream, under developer Triple Five — the company behind Minnesota’s famed Mall of America.

“Bring a world class destination. A waterpark themed with Dreamworks with an experience you’ve never had 365 days a year,” Paul Ghermezian explained.

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Along with a massive indoor water park there will also be an indoor amusement park with state of the art rides and live shows. An indoor ski slope will open along with a shopping mall with more than 500 stores.

“It’s going to be so vital in our continued economy here in the northern part of the state. A project that will have a real net economic benefit to New Jersey over the next two decades,” Governor Chris Christie said.

Construction crews were back to work on the three-million square foot project that Governor Christie said will bring 23,000 permanent jobs to New Jersey.

It’s also expected to boost tourism in the area, which neighbors said is good and bad.

Developers said the project will be complete in March 2019 — considering it’s been more than a decade since the original project began, the wait may seem like no time at all.

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