Goldman Sachs Reportedly Delays American Dream Bond Pricing

BERGEN COUNTY, NJ — Pricing for the long-awaited $1.1 billion in bonds to finance the American Dream Meadowlands project has been delayed by Goldman Sachs Group Inc, Bloomberg reported.

The offering is the largest of unrated municipal bonds this year, according to the report. The bonds will be sold through the Public Finance Authority of Wisconsin.

The bonds are part of $1.67 billion in construction financing for the delayed 91-acre complex since the failed Xandu project was slated to be built on the site 12 years ago.

Family-owned Triple Five Group is the project's third developer. The company took over the project six years ago with the promise that American Dream would be similar to The Mall of America and the West Edmonton Mall in Canada — two properties the billionaire family already owns.

Triple Five is issuing $800 million in bonds backed by payments in lieu of property taxes and $300 million backed by New Jersey grants the company will receive if the project meets sales-tax revenue targets, Bloomberg reported.

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

The nearly 3 million square-foot American Dream was, at one point, slated to open this summer, but developer Triple Five Group pushed back the completion date to 2019. The project is expected to bring 20,000 jobs to North Jersey.

The campus will be broken up into different sections. Attractions will include the largest indoor amusement park in the western hemisphere, Nickelodeon Universe. DreamWorks, owner of popular movie franchises such as "Shrek" 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.

An 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.

There will also be a 12-story indoor ski park with an 800-foot-long hill.

Moviegoers will be able to smell scents in the films they watch in Cinemex’s 1,400-seat, dine-in movie theater with X4D technology.

Several retailers, including Banana Republic, Gap, MAC, Microsoft, Zara, Pink and Victoria’s Secret have committed to opening stores. Luxury retailers Lord & Taylor, Saks Fifth Avenue, and Hermès will also open stores and will be located in a separate section of high-end retailers.

A 150,000-square-foot food hall will feature 15 restaurants, 50 grab-and-go offerings and the world’s first Kosher food court.

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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