It's taken a while, but the $325 million expansion of the Mall of America is finally under way. But is the timing right?

The long-awaited Phase 2 will add high-end retail, a food hall, restaurants, a tourist center, JW Marriott hotel and office tower to the project's north end.

"This is a major milestone for Mall of America," said Paul Ghermezian, COO for developer Triple Five Worldwide, in an announcement. "For more than 20 years, it has been our dream to increase the size of the Mall, firmly establishing it as a world renowned attraction. Today, I couldn't be more pleased to say that dream is becoming a reality."

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