Legal ruling in Triple Five mall case
- Blog Post by: Janet Moore
- August 27, 2013 - 5:09 PM
The Wilfs’ legal wrangling isn’t the only court case in New Jersey of note.
On Monday, N.J. Superior Court Judge Peter Doyne denied a motion filed in a case pitting the New York Jets and Giants against Triple Five Group Ltd, the developers of the American Dream Mall in New Jersey, as well as the New Jersey Sports and Exposition Authority.
Triple Five, which describes itself on its website as “a multinational conglomerate and diverse development and finance corporation,” is controlled by Canada’s Ghermezian family. It’s also the owner of the Mall of America, the nation’s biggest shopping mall in Bloomington.
Construction of the $3.7 billion mall has been held up over the past decade due to issues with financing, property control, legal troubles and labor contracts, according to Bloomberg News.
At one point, the mall (construction on which has stalled) was called Xanadu, and threatened the MOA’s bragging rights as the nation’s biggest shopping mall. But now, the Jersey mall, rebranded as “American Dream,” won’t be as big as the megamall if it’s ever completed.
Earlier this month, Triple Five gained control of the American Dream property, which sits in the wake of MetLife Stadium, home to the NFL’s Jets and Giants. The two sides are battling over whether the mall can build a water and theme park next to the stadium. The teams argue that this kind of development will disrupt the game-day experience.
The Star-Ledger in New Jersey reported here that Judge Coyne urged the two sides to negotiate a deal that is “satisfactory to all.”
Janet Moore covers commercial real estate for the Star Tribune.
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