Nearly 13 years after construction first began, the $2 billion American Dream shopping mall in East Rutherford, N.J., now has an opening date as well as some criticism as to whether the project will ultimately succeed.
Based on the success of Spanish mega mall Madrid Xanadu, The Mills Corp. launched the stateside project in 2002 on the premise of destination shopping featuring hundreds of stores, restaurants and attractions to rival some of the country’s better-known theme parks.
But Wall Street’s crash in 2008 caused lenders to flee, delaying construction and causing costs to soar. Critics cite everything from the proposed mall’s potential for environmental damage, geographic location and a general decline in mall construction and traffic as indicators the American Dream – at least as proposed in north New Jersey – is ultimately doomed.
The commercial complex – due to open in 2017 – is set to feature amusement and water parks, in indoor winter sports arena and possibly a hotel-casino addition once primary construction is complete.
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