RUTHERFORD, NJ-It's official: Canada-based developer Triple Five closed today on the deal giving it development rights to the American Dream property, taking over from the lenders who had held control since the failure of the previous Xanadu project in the Meadowlands.
The project is still mired in a court battle, and work is stalled. The New York Giants and Jets, who play at MetLife Stadium adjacent to the entertainment/retail center site have sued to stop addition of a waterpark to Triple Five's plan to create American Dream. The teams contend that the development would lead to severe traffic problems on game days.
However, Triple Five continues to forge ahead, even as it appears the lawsuit will delay construction long enough that the American Dream project cannot be completed in time for next year's Super Bowl game at the Meadowlands arena .
Alan Marcus, a spokesman for the Edmonton, Canada-based developer, confirmed the deal was signed Thursday. He declined to make any other comment, other than to say Triple Five will finalize financing for the project and resume construction as soon as possible.
The original developer of the site, Mills Co., started work on Xanadu ten years ago. Its garish skeleton remains an eyesore visible to commuters along the New Jersey Turnpike and Route 3 today. The project ran into financial trouble during the recessionary years and abruptly stopped work in 2007. The project was handed back to lenders in the spring of 2010.
Triple Five, developers of the Mall of America in Minnesota were recruited by Gov. Chris Christie to help rescue the project.
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