- American malls were created in the rise of suburbia in order to create spaces for Americans to gather and form communities.
- Starting with the opening of the Southland Mall in 1956, malls have been a vaulted piece of Americana for decades.
- But with so many malls being built in close proximity to one another, the newer malls would often poach the department stores from the older ones nearby. Older malls — without their anchors — would be left to drift away and drown.
- As the 2000s progressed, consumer habits shifted away from the department store altogether.
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Non essential retail has reopened from the coronavirus shutdown. Malls have reopened, too.
But American Dream, the mega-mall in the Meadowlands, still hasn’t. And it doesn’t even have an opening date yet.
“We are very different from other malls,” an American Dream spokesperson said.
American Dream has always eschewed the mega-mall moniker. And now, more than ever, the difference between it and traditional New Jersey shopping malls is evident. The heavily-weighted toward entertainment American Dream doesn’t have the tenancy right now to support reopening when its rides and slides can’t welcome guests.
Still, Don Ghermezian, chief executive officer of
The bad news keeps piling up for the American Dream megamall project in the New Jersey Meadowlands.
Here’s what happened last week:
- Bloomberg News reported the project has left the Ghermezians, the family of developers behind American Dream development company Triple Five, “mired in debt” due to money they borrowed to complete American Dream.
- Bond market news site The
Things seem to be going from bad to worse for the American Dream mall in the Meadowlands.
Six months after the mall closed its recently opened doors because of the coronavirus pandemic, the bonds funding the project have decreased in value, according to NJ.com.
A year ago, the $1 billion worth of bonds on the project were trading at $120 apiece and yielding 4.25 percent, but as of April they’ve dropped to $93.72 with a 7.5 percent yield.
Owner Triple Five Group, headed by the Ghermezian family, in June missed its third consecutive $7 million payment on
After years of delays, the country’s largest shopping center finally has a birth date.
The Canadian development firm Triple Five Worldwide plans to start construction of American Dream Miami in late 2021, according to Miguel Diaz de la Portilla, who is an attorney at Saul Ewing Arnstein & Lehr and represents Triple Five Worldwide. He said Triple Five Worldwide expects to spend between $4.5 billion to $5 billion to build five million square