Joan Verdon

Staff Writer, @JoanVerdon

The developer of the project says it is on track to open by Fall of 2018.

The facade of the complex has been revised to give it a "contemporary, pristine aesthetic."

The project is 70 percent leased.

Two previous developers tried and failed to get the project off the ground.

The developer of the American Dream shopping, entertainment and amusement park complex in the Meadowlands has released new images of what the exterior of the project will look like when it opens in fall 2018.

Don Ghermezian, a principal in Triple Five, the developer that took over the long-delayed project in 2011, told The Record that the project is on track to open by fall 2018, that construction work on the site is set to ramp up, and that observers can expect to see significant progress within two months.

"The structural steel arrives in January, it will be erected in February," said Ghermezian, who spoke with The Record Monday at the International Council of Shopping Centers New York deal-making conference, held Monday and Tuesday at the Javits Center in Manhattan.

Ghermezian said he also expects to make an announcement "very shortly" about the financing of the project. He said the American Dream project has secured additional financing to make up for the delay in the public offering of $1.15 billion in bonds. That delay, he said, was because of the current softness in the bond market.

Ghermezian said Triple Five is spending $40 million on construction in December and $80 million a month after that, saying that is evidence of Triple Five's commitment to get the project open as soon as possible.

Glass-enclosed spaces

The new designs released by Triple Five, along with a computer-generated "fly-over" video showing a birds-eye, 360-degree view of the project, show some changes from the original drawings presented when Triple Five took over the project. The new renderings, like the previous ones, show a white facade, with lots of glass-enclosed spaces, replacing the windowless, multicolored box that currently stands on the site. The latest design has more of an open look, with the different zones of the complex more clearly defined, with the water park, enclosed in glass, at one end and a hotel at the other. The operator of the hotel has not yet been announced.

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The drawings also show the design of the Saks Fifth Avenue and Lord & Taylor department stores that will be the anchors of the retail wings. Both will have a presence on the exterior facade of the complex.

The revised design is intended to give the project a "more contemporary, pristine aesthetic," according to a statement Triple Five released along with the renderings.

The renderings were created by design firm GH+A Design Studios, which has offices in Montreal and Detroit.

More than 70 percent leased

Ghermezian said the project is more than 70 percent leased. The fact that the project is close to three-fourths leased two years before the expected opening date is a sign of the interest in the site, he said. The enthusiasm for the project is particularly strong among luxury retailers, he said. "Nobody wants to be in a regular run-of-the-mill mall anymore," he said. "And they know this will be special."

At the Triple Five booth at the conference, a large model of the interior of the luxury wing of the mall is on display. It shows two levels of stores with parking underneath.

Ghermezian said Triple Five was meeting with prospective tenants at the conference, but doesn't expect to announce any new tenants immediately. While he acknowledged that there are "naysayers" who say American Dream will never open, he noted that "any project of this magnitude takes time."

Here is a link to the "fly-over" video of the new design images: https://youtu.be/CVwxucZzl_M