American Dream Pushes Back Open Date, Secures $1.6B In Financing

BERGEN COUNTY, NJ — The developer of the multi-billion dollar American Dream Meadowlands project has secured $1.67 billion in construction financing for the project.

The Triple Five Group of Companies announced Friday it worked with Goldman Sachs and J.P. Morgan to obtain the funds.

"The construction loan paves the way for the completion of American Dream and allows uss to aggressively move forward with the construction and opening of this project," said Don Ghermezian, American Dream president and CEO.

The 91-acre complex is now slated to open in March 2019.

RELATED: 'Most Expensive Retail Project On Earth' Coming To Meadowlands

Finishing the "most expensive retail project on Earth has seen setback after setback since the ill-fated Xandu project was slated to be built on the site 12 years ago. American Dream was slated to open this summer, but pushed the completion date back to the fall of next year because it had difficulty securing $1.1 billion in financing.

Local officials were pleased with the announcement.

"Projects like this come along once in a lifetime and while it is understandable for skepticism to take over with the many long delays we have experienced," said Jim Kirkos, president of the Meadowlands Regional Chamber of Commerce. "The time has come for us to seize this moment and leverage the economic impact a project like this can have on so many lives."

The project is expected to bring 20,000 jobs to North Jersey and compete with New York City as the go-to tourist destination in the area.

Triple Five is the project's third developer. The family-owned company took over the project in 2011 and has promised American Dream would be akin to two world-renowned properties to already owns: The Mall of America in Minnesota and the West Edmonton Mall in Canada. So far, American Dream seems to be meeting, if not exceeding, those expectations.

Attractions will include the largest indoor amusement park in the western hemisphere, Nickelodeon Universe. DreamWorks, owner of popular movie franchises such as "Shrek," "Kung Fu Panda," and "How To Train Your Dragon," is the official partner of American Dream's water park.

The first Sea Life aquarium in New Jersey will feature a tropical ocean tank with a walk-through underwater tunnel.

A huge adult-style arcade and bowling alley will give parents a place to hang out and have fun while kids ride a 300-foot-tall observation wheel and a 12-story indoor ski park with an 800-foot-long hill.

Several retailers, including Banana Republic, Gap, MAC, Microsoft, Zara, Pink and Victoria’s Secret have committed to opening stores there. Luxury retailers Lord & Taylor, Saks Fifth Avenue, and Hermès will also open stores.

American Dream could have a positive effect on already-existing malls and shopping centers, including the Willowbrook Mall and Garden State Plaza, which have been North Jersey mainstays for decades.

Kirkos previously said that regional malls near the West Edmonton Mall have expanded three times in recent years.

“The Garden State Plaza, the Willowbrook Mall, American Dream is not expected to put those places out of business,” Kirkos said.

There will be several transportation options for American Dream visitors.

A commuter shuttle will run between NJ Transit's Meadowlands station and the Secaucus train station. NJ Transit will also operate a direct bus line from the Port Authority Bus Terminal in New York City to American Dream.

New York Waterway is in talks to run a shuttle to take passengers to and from marinas along the Hudson River along the Gold Coast — Edgewater, Weehawken, and North Bergen — to the entertainment destination.

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An artist's rendering of what American Dream Meadowlands is slated to look like when it opens in March 2019. — Courtesy of Triple Five