Eventually, hotels, a convention center, sports center and additional entertainment venues will bring the development to 7.5 million square feet, making it the largest retail/entertainment/amusement and tourism project under one roof in the world. The ultimate cost would be approximately $3.7 billion. For decades, West Edmonton Mall was the largest mall in the world, eclipsed more recently by a number of projects in China.

The state will contribute $200 million to American Dream Meadowlands’ initial construction, through a yet-to-be determined blend of Tax Increment Financing and investment, Christie said. “It’s a critical sign New Jersey is making its comeback,” he said. “It’s going to be what it was envisioned to be from the beginning. It’s getting a makeover, a new name, and a new vision from the people who are taking it over.”

The project will create some 9,000 construction jobs and 35,000 permanent jobs upon opening. The completion of American Dream will also benefit other retailers, restaurants and even gas stations, creating a market that previously didn’t exist. “We are not asking for the money from the local taxpayers,” said Nader Ghermezian, Triple Five chairman and Paul Ghermezian’s uncle. “We are asking from some of the sales tax that would not exist without the project to come back to the project.”

The project is approved for four retail anchors, and Triple Five is in active discussions with a number of tenants. Retail will be a blend of price points, Paul Ghermezian told GlobeSt.com, given the size of the mall.

Christie also emphasized the project will have a strict timeline, the retail portion opening in fall 2013, and the water park and amusement park in 2014. The new Meadowlands Stadium will host the Superbowl in February 2014. “I’m glad we’re finally under way. Being in a state of suspended animation isn’t fun,” Rutherford Mayor John Hipp told GlobeSt.com. “We’ll see if the third time is the charm.”

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