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Triple Five Officially Takes Control of 'Dream'

RUTHERFORD, NJ-The Canada-based developer of the American Dream Meadowlands project today assumed legal development rights from the lenders for the failed Xanadu project begun ten years ago.

By Antoinette Martin | Updated on August 01, 2013

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.

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