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Long-Delayed Mega-Mall Eyes Late-Summer Opening
Triple Five Group, which took on completion of the long-delayed, three-million-square-foot American Dream retail and entertainment complex in 2013, announced that the East Rutherford, NJ development would open in late summer. The update occurs some seven months after the Edmonton, Alberta-based company said construction was on track for completion this spring.
Although the project’s genesis dates back nearly 25 years, work began in late 2004 when a partnership of the Mills Corporation and Mack-Cali broke ground, projecting a 2006 completion date for what was then called Xanadu. Two years later, Colony Capital bought the project for $500 million, only to surrender control to a group of lenders in 2010.
Triple Five, owner of the massive West Edmonton Mall and the Twin Cities-area Mall of America, issued a revised design for the renamed American Dream project in 2014 and announced a tentative opening date of late 2016.
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