In May 2010, a second developer, Colony Capital, abruptly stopped work on the multi-colored behemoth that can be seen from Route 3 and the New Jersey Turnpike and handed the project over to lenders.

Gov. Christopher J. Christie helped recruit Triple Five to reconstitute a project he had once reviled as “the ugliest damn building in New Jersey, and maybe America” as the American Dream Meadowlands.

Triple Five estimates it will take about $2.5 billion to finish the project, which it will expand with an indoor amusement park and water park – if and when a court rules that it can. The New York Jets and Giants football teams have sued to stop the expansion, contending it will lead to gridlocked traffic on game days.

The EDA approval embraced Triple Five's plan for the water and amusement parks.

At the site, the main retail/restaurant building that will house 2.1 million square feet remains incomplete. The oddly shaped five-story facility was designed to hold an indoor ski ramp. The indoor amusement park would occupy a total of 639,000 square feet.

A recent Cushman & Wakefield appraisal said the existing property is worth $1.05 billion.

The also approved a reimbursement agreement for $36 million worth of remediation costs to go to Triple Five from the site's previous developer.

The EDA estimates the completed project will create 11,650 new full- and part-time permanent jobs. The authority says an additional 5,810 temporary jobs will be created during construction.

The EDA's analysis says the state stands to benefit by $487 million from the project over a 20-year period. If the project is not completed within six years, the state's agreement with the developer will be automatically terminated.

The borough of East Rutherford has approved the sale of bonds that are part of Triple Five's push to use $748 million in public bonds to help finance the project.