- Kristopher Fraser |
With no reopening date for malls in the tri-state area of New York, New Jersey, and Connecticut in sight, the American Dream Mall is in big trouble. The mall project was supposed to be one of the most revolutionary malls of the 21st century and was already racking up tenants across all price points from Gap to Hermès. Now, the mall's owners, Triple Five Group, appear to be in financial peril.
The Real Deal has reported that the company has missed three consecutive mortgage payments on its Mall of the Americas, which was being used as collateral for the American Dream Mall. Contractors for the American Dream Mall also say they are collectively owed 13 million dollars in unpaid work.
Coronavirus really did major damage to the 3 million square foot mall project. Tenants who have been hit financially by coronavirus have pulled out of prospective leases. The mall lost Barney's New York as an anchor when the department store went bankrupt and ceased operations.
American Dream Mall plans to shift its focus to entertainment rather than just a shopping experience, so many investors and local politicians hoping the project will still boost New Jersey's economy are hopeful. Malls could potentially be part of New Jersey's phase four coronavirus reopening plan, but that is subject to change.