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Financing for American Dream Meadowlands gets state OK; project to open in 2017

http://www.nj.com/bergen/index.ssf/2...eam_bonds.html


Construction cranes stand near American Dream Meadowlands in East Rutherford in the May 2015 photo. The borough's plan to issue up to $675 million in bonds to help finance the stalled megamall project went before a state finance board on Wednesday.

Part of the financing for an unfinished megamall in East Rutherford took another step forward on Wednesday, as a state finance board approved the borough's plan to sell up to $675 million in bonds for American Dream Meadowlands.

An official with the developer of the project, meanwhile, said the entire complex is expected to open in the summer of 2017.

The project formerly known as Xanadu first broke ground more than a decade ago but construction was never completed. Triple Five, the company that took control of the project in 2010, plans to invest $2.5 billion into the site, about $800 million of which will be raised through bond issuances.

....Construction crews on site have been focusing on the foundation for the indoor amusement park and water park, Armlin said.

"Construction is going very well and we're very pleased with the productivity on site and hope to continue to increase the level of production," he said. "Shortly you'll see not only hundreds of people on the site but thousands as we get the rest of the building shell up in the fall."

Armlin said the entire project is expected to open in the summer of 2017