By Real Estate NJ
A state appeals court has ruled in favor of the state’s efforts to complete the American Dream Meadowlands project, dismissing a challenge to a $1.15 billion bond issuance that would help a developer resume construction at the stalled retail and entertainment complex.
The ruling Tuesday cleared the way for Triple Five to seek the bond financing for the planned 3 million-square-foot project in East Rutherford, according to multiple reports. The Edmonton, Canada-based developer has said it plans to have the bonds issued through a Wisconsin financing agency, seeking to eliminate the risk to New Jersey taxpayers.
In the decision Tuesday, a three-judge panel dismissed the claims of the nonprofit New Jersey Alliance for Fiscal Integrity, which objected to the procedures by the state authority overseeing the project. The group was formed just last month as the New Jersey Sports & Exposition Authority took steps to approve the amended financing plan.
According to The Record, Triple Five executive Tony Armlin vowed after the ruling that “American Dream … will be completed.”
For more, see Tuesday’s story by The Record.
More New Jersey Real Estate headlines
N.J. bill to block Icahn from reopening Taj Mahal as non-union casino (Philadelphia Business Journal)
Planning board paves way for 60-story tower at 25 Columbus Drive (Jersey Digs)
West Caldwell property sold for $3.5M (NJBIZ)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
