The American Dream Meadowlands project in East Rutherford remains unfinished, but could be completed by mid-2018.
By Real Estate NJ
A state authority has amended two resolutions that will allow a developer to seek more than $1 billion in bonds to help it complete the sprawling American Dream Meadowlands project.
A report by The Record on Thursday said the action by the New Jersey Sports & Exposition Authority comes in response to a formal protest by a nonprofit group. The organization, the New Jersey Alliance for Fiscal Integrity, was created late last month as the agency initially voted on two measures that would allow the bonds to be issued.
Developer Triple Five is seeking to have the bonds issued through a Wisconsin financing agency, which is aimed at helping eliminate the risk to New Jersey taxpayers. The Record reported that if the bonds are issued this month, as scheduled, Triple Five said the long-stalled retail and entertainment complex in East Rutherford could open in mid-2018.
The report said Thursday’s NJSEA meeting became contentious, as executives and board members questioned who was funding the opposition group. A spokesman for the nonprofit declined to offer details other than to say it was “concerned taxpayers and business owners.”
For more, see Thursday’s story by The Record.
More New Jersey real estate headlines
Realtors’ new Trenton headquarters shows city’s ‘development potential’ (Times of Trenton)
Demolition underway for 10-story Bayonne development (Jersey Digs)
Golfsmith expects to close stores after filing for bankruptcy (NJ Advance Media)
Shopping center planned in Marlton at gas station site (Courier-Post)
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.