Green Street

 

 

Financial Times: America’s craziest shopping mall finally opens after 20 years

According to Financial Times,

The man-made snow was piling up on the 16-storey indoor ski slope and workers were testing whizzing rides at the theme park.

These were some of the surest signs that the opening of the American Dream Meadowlands megamall was finally at hand some 16 years after the star-crossed project was initiated on the New Jersey marshlands, just across the river from Manhattan.

...

the traditional anchor tenant for shopping malls, would even exist in 10 years.

There is also the challenge of luring shoppers from Manhattan to a traffic-clogged corner of New Jersey. “How do you get a large number of people from Manhattan to this property in an efficient way?” asked Vince Tibone, a retail specialist at Green Street Advisors, a property research group.

Still, the Ghermezians have not lost their faith in American Dream. They pledged as collateral 49 per cent of the two other megamalls they own — the West Edmonton Mall in Canada and the Mall of America in Bloomington, Minnesota — to secure a $1.67bn construction loan from JPMorgan and Goldman Sachs to realise their vision.

To read the full article, click here.