The American Dream Mall Had Retail Problems Before Coronavirus. Now, They’re Worse
The bad news keeps piling up for the American Dream megamall project in the New Jersey Meadowlands. Previously, the developer and its lenders revealed that Triple Five has missed the April and May payments on the mortgage loan on its signature property, the Mall of America. Triple Five had used a 49% stake in the Mall of America, and a 49% stake in its other megamall, West Edmonton Mall in Canada, as collateral for American Dream funding. American Dream closed March 16 as New Jersey and much of the country were issuing stay-at-home orders. It would be easy to blame any problems American Dream has going forward on the pandemic, but the health crisis is merely exacerbating the project’s underlying weaknesses. Triple Five hasn’t announced a reopening date for the project, and a spokesperson for American Dream had not replied to questions as of today. Read more at Forbes. Read more at Forbes.
