N.J. Approves $800 Million Bond Plan to Complete Mega Mall
- Landmark eyesore alongside Turnpike promised for 10-plus years
- American Dream financing through Wisconsin-based authority
Cranes stand above the American Dream in East Rutherford, New Jersey, on May 20, 2015.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
New Jersey’s Local Finance Board approved a plan to use an out-of-state lending agency that specializes in risky securities to finance an $800 million bond sale to resurrect American Dream, the unfinished mega mall begun more than a decade ago.
The project in East Rutherford, about 10 miles (16 kilometers) west of Manhattan, has failed to fulfill several promised grand-opening dates as developers ran out of cash. It now anticipates opening in mid-2018.