EAST RUTHERFORD, N.J. – Is North Jersey’s ‘American Dream’ mall already in trouble?
According to a recent report from CNBC, “[t]he biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage.”
The missed April and May 2020 payments are significant for New Jersey because the developer that operates Mall for America – Triple Five – is also the operator of American Dream. Triple Five put the legendary Minnesota property up as collateral (49% of it) to complete the American Dream project along with the West Edmonton Mall in Canada.
American Dream had its soft open in October 2019 but never fully opened before the COVID-19 ‘stay at home’ order shut it down indefinitely.
The Mall of America’s hoped for June 1st opening was postponed.
Governor Phil Murphy has yet to commit to a date upon which New Jersey retail and shopping malls can reopen.