American Dream Meadowlands - History and Progress

History and Progress

The project was officially approved in late 2003 as a joint venture between the former Mills Corporation and the Mack-Cali realty corporation. The project was billed by Mills chairman and executive officer Laurence E. Siegel as "...a new standard for bringing lifestyle, recreation, sports and family entertainment offerings together in one location." Ground was broken on the complex on September 29, 2004, and, at the time, was expected to open two years later.

In late 2007, the parking garages were completed to alleviate the loss of the surface lots due to the project's construction. By 2008, the exterior was complete, as well as the structure for the indoor ski slope. By January 2009, 80% of the construction was completed, with construction still ongoing inside.

In May 2009, construction on Xanadu came to a halt after a subsidiary of bankrupt Lehman Brothers missed payments, causing other lenders to withdraw from the project, and lost $500 million worth of construction funding. While developers stated the mall was 70% leased, it is unknown how many retailers stayed leased while the mall was delayed. In August 2009, Cabela's, a major anchor, announced that it did not plan to open its Meadowlands location until late 2010. Around the same time, the complex's website was relaunched with the new Xanadu Meadowlands name.

In 2010, Stephen Ross, a billionaire who owns The Related Companies in Manhattan, stated that he could finish the project by the end of 2010, possibly with a new name and look. In May 2010, the managing of the mall was handed over to Related Companies, and the "Xanadu" name had been dropped, changing the name to "The Meadowlands".

On August 10, 2010 Colony Capital surrendered control of the development of the mall to five lenders. A special governor's commission on the state's gaming and entertainment industry is filed recommendations to Governor of New Jersey. Four parties were noted to be interested in redeveloping the project. The Wall Street Journal on December 24, 2010 reported that Triple Five signed a letter of intent to invest in and finish the stalled mall.

On February 1, 2011, after a record-breaking month of snow for the area, a 50 to 60-foot long section of the eastern wall had buckled and a horizontal crease was apparent on the complex's indoor ski slope. Two days later, on February 3, after workers were attempting to melt snow from the ski slope's roof, ice build-up caused the eastern wall to fail and suffer a partial collapse along an approximately 150-foot (50 m) length of roof. Michael Beckerman, a spokesman for the project’s lending group stated “the Lender Group is aware of the damage to the roof caused by excessive snow and ice, but does not feel the damage affects the integrity of the structure. As such, the group has filed an insurance claim, and once the weather turns warmer, it will assess the damages and fix whatever is necessary.”

On April 29, 2011 Triple Five Group and the New Jersey Sports and Exposition Authority completed a deal, with Triple Five assuming ownership of the mall and renaming it to "American Dream Meadowlands", with an opening date of Autumn 2013, months before the Super Bowl XLVIII at MetLife Stadium, just across the highway. The deal was officially announced on May 3, 2011 and it was announced Triple Five had secured land across the highway from the mall to construct a domed theme park and water park, opening in the Spring of 2014.