New York Times: Looking for (Another) $1.1 Billion to Finish an Amusement Mall
According to The New York Times:
A $1.1 billion bond offering to help complete construction of the American Dream mall in the New Jersey Meadowlands went forward this week, nine months after the sale was originally planned.
Analysts are divided about the mall’s prospects, given that an estimated 300 malls graded as second and third class are at risk of closing over the next five years, according to Green Street Advisors, a real estate research firm.
“This project sits at the crossroads of where malls are going,” said Jim Sullivan, president of the consulting group at Green Street, “with an emphasis on experiences, restaurants, entertainment and things unrelated to buying a sweater or a T-shirt.”
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