Can it be true? American Dream says it will open in spring 2019

EAST RUTHERFORD — Nowhere is Jersey cynicism more evident than in attitudes toward the American Dream Meadowlands complex, formerly called Xanadu. But developer Triple Five Worldwide has a message to the Garden State: Yes, we really are opening in a year.

The 3 million-square-foot complex will include:

an indoor DreamWorks Animation water park

a Nickelodeon Universe amusement park

Big Snow Indoor Ski & Snowboard Park

a 1,350-seat live theater with an exclusive Cirque Du Soleil show

a premier Cinemex movie theater

Sea Life Aquarium, Legoland Discovery Center

Kidzania entertainment zone

an NHL-size ice rink

luxury retail stores

“It’s definitely been a long … long … long … long road,” said Paul Ghermezian, chief operating officer for Triple Five Worldwide. “The parks alone are 16 acres of entertainment, combined to be the largest indoor park combo in the world.”

Ghermezian spoke to regional business leaders attending the Bergen Business Expo.

Billed as an entertainment destination — and, therefore, mostly open on Sundays — American Dream Meadowlands is slated to have its grand opening in spring 2019. The water park is the only exception, scheduled to open that summer or autumn.

Although many forecast dates have passed since Xanadu first launched in 2003, it's likely this one will happen.

The project was reinvigorated last summer after developer Triple Five completed a $1.1 billion tax-exempt bond sale in June and secured $1.6 billion in a private construction loan. Construction crews have since returned to the site, kicking off work on the entertainment complex.

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Tony Armlin, vice president for development construction, said area contractors are among the 1,450 people working at the East Rutherford site.

Triple Five is spending about $75 million per month — soon to ramp up to $3 million a day — and the work is about 56 percent complete, Armlin said.

“Local labor has been just phenomenal,” Armlin said. “By the time we reach September, when we start heavy construction, there will be 3,000 people on the site. Expectations will be running 24-7. Right now we are doing two shifts a day, close to seven days a week. We are flying with work.”

Nowhere is this resurgence more evident than in the replacement of the iconic, technicolor panels covering the exterior. By this time next year, it will be stark white, matching the 300-foot Observation Wheel.

“Those of you who have passed the site have noticed there isn’t really much of that exterior left,” Ghermezian said. “Our goal is always to create something exciting and new, something modern and world-class, and the exterior is the first vision of that.”

American Dream stands apart from other Triple Five entities — The Mall of America in Minnesota and West Edmonton Mall in Alberta, Canada — because it isn’t purely a mall.

“The West Edmonton Mall is 20 percent entertainment, 80 retail. The Mall of America, emphasizing 'mall,' is 20 percent entertainment, 80 retail," Ghermezian said. "American Dream, on the other hand, is 55 percent entertainment and only 45 retail.”

Just over half of American Dream will be open on Sundays, said Debbie Patire, senior vice president of marketing.

“We will abide by any Bergen County blue laws, but because we are 55 percent entertainment, 55 percent of our center will be open on Sundays,” Patire said.

Anchored by Lord & Taylor and Saks Fifth Avenue, the only location in New Jersey, American Dream’s retail element will lean towards entertainment.

“Within the center, the limited retail that will be there, everything is flagship,” Ghermezian said. “Our tenants are actually required to have an experience within their store. So your typical Gaps, Victoria’s Secrets, Abercrombies of the world, you need to do something which makes it unique, which makes it special and really expresses your brand. And it’s more than just retail.”

Interior courtyards are designed to host programming and generate their own buzz, such as the highly Instagram-able Flower Court, which will include $1.5 million in flowers alone.

The retail section will also include a ring of 15 full-service restaurants surrounding a park, and a grab-and-go food court.

“Our building is going to have something for everybody. Different levels of retail, different experiences,” Ghermezian said, pointing to a rendering of a champagne and caviar bar.

“We will also offer unique amenities: hands-free shopping, valet, concierge services, as well as personal shopping. The detail that has gone into the luxury areas is really impeccable.”

The building is about 80 percent leased, Armlin said.

“Our tourist destination projects, 50 percent of the people who come to visit are from out of the area. That means new dollars to be brought to the state and new jobs, and new business opportunities for our property and, more importantly, for the communities that we are resident in,” Armlin said. “We are not a shopping center. We are an entertainment destination. We are more like Disney than we are anything like a retail shopping center. People come to visit us for days.”

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The project, formerly Meadowlands Xanadu, has notoriously hit many snags in its lifetime, including the 2009 bankruptcy of former developer Colony Capital. It was picked up by Triple Five in 2011. The New York Giants and Jets filed an injunction in 2011 to stop construction. The teams, which play in neighboring MetLife Stadium, were concerned about traffic on game days. A confidential settlement was reached in 2013.

Bergen County Executive James Tedesco, the former mayor of retail-centric Paramus, said a trip to Triple Five’s Mall of America opened his eyes.

“I have to tell you I was skeptical, because how many years have we seen it, driving down the turnpike, not knowing what the outcome was going to be. I can tell you the outcome is going to be outstanding,” Tedesco said. “It’s going to change the way we think of Bergen County. This isn’t a shopping mall. This isn’t a retail center. This is a destination.”

The complicated and oft-delayed $2.8 billion financial package came to fruition last summer and included over $1 billion from the sale of bonds, reported to be at no cost to taxpayers and managed through Goldman Sachs.

Triple Five also received $390 million in tax breaks, as state officials claimed last summer that the bond sale will generate more revenue for the state through 20 years.

This spring, Gov. Phil Murphy announced that NJ Transit will invest $4 million to expand rail and bus service to the Meadowlands, given the anticipated opening.

As part of the 2013 settlement with the NFL teams, NJ Transit agreed to foot the bill for the expansion of the Meadowlands Sports Complex rail link and additional buses. In addition, the Turnpike Authority and Triple Five would contribute toward other elements of a transit plan.