The American Dream megamall in New Jersey, crippled by construction delays and stalled store openings, is running out of money.
Developers nearly emptied a reserve account to make a $9.3 million payment that was due Tuesday, on about $290 million of debt supported by sales tax receipts, according to a securities filing.
American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. Then came the coronoavirus pandemic.crippled by construction delays and stalled store openingsThe more than 3-million-square-foot retail and entertainment complex nearly emptied a reserve account to make a $9.3 million payment that was due Tuesday, on about $290 million of debt supported by sales tax receipts, according to a securities filing.
American Dream spokeswoman Melissa Howard said developers Triple Five Group are "extremely pleased" with the early success of tenants. This year, American Dream will open more than 100 retail, entertainment and restaurant concepts, she said, including a two-story Gucci flagship.
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