Is Meadowlands megamall most expensive retail project in U.S. history?
Originally appeared in NJ.com
By: Myles Ma
August 12, 2016
When, or if, American Dream Meadowlands opens, it will likely have cost upwards of $5 billion, split over three developers and more than a dozen years of stop-and-start work.
“I think that makes it the most expensive retail project on earth,” Don Ghermezian, a principal in the Triple Five Group, which is developing the megamall, told the New York Times.
Ghermezian would know. The Triple Five Group built Mall of America for $650 million in 1992 and began a $325 million expansion in 2014. The company is also building another American Dream in Miami, but even at $4 billion, it’s not as expensive as the Jersey version.
American Dream Meadowlands beats out the other massive retail project in New Jersey. O’Neill Properties Group plans to build a 5.8 million-square-foot retail, housing and office development on a 400-acre brownfield in Sayreville, but even that project is cheaper than American Dream, at just over $2 billion.
That makes American Dream king in New Jersey.
Does anything in the United States come close to $5 billion?