Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.
Issue link: https://northeastrealestatebusiness.epubxp.com/i/632700
26 • January/February 2016 • Northeast Real Estate Business www.REBusinessOnline.com perience that combines retail, en- tertainment, dining, sports, themed amusements, educational and tourist attractions at the Meadowlands site. With more than 50 million tourists al- ready coming to New York yearly, the company is aiming to build an attrac- tion that serves an integral role in vis- iting the area; it wants tourists to plan American Dream as part of the reason they visit New York, and as a must on the list of attractions to visit. Triple Five launched the vision for American Dream after taking over the project from previous developers in 2011. Since restarting the develop- ment, the company has been relatively silent about its plans. With a number of attractions and anchor tenants signed, the company recently has begun to make announcements, letting the pub- lic know what they can expect to see at the 3 million-square-foot project when it opens in 2017. And they will see something they've never seen before. Northeast Real Estate Business recent- ly spoke with Don Ghermezian, prin- cipal of Triple Five, to get an insider's look at American Dream Meadow- lands and understand the company's vision for the project. Triple Five became involved in the project in 2011, when the capital con- sortium controlling the development came to Triple Five and asked if it had interest in taking over the project. "They said, 'if there's anyone who can make this project a reality, it's Triple Five,'" says Ghermezian. Along with a few other develop- ers, Triple Five went through an RFP process and ultimately ended up win- ning that. The decision to look at the project, says Ghermezian, was diffcult because of the years of undertaking it would mean for the company, but could be rewarding if the company's vision was completed. "We decided if we could build some- thing that could tap into the 55 million tourists that come to New York City and the 20 million people who live within 50 miles of the site, then it was something that we thought would be worthwhile. We didn't want take it over to build an outlet mall or a tra- ditional super-regional mall. We want- ed to create a unique experience that combines the best of Mall of America and the best of West Edmonton Mall — and then add many more elements that are new to retail environments and the market." After taking over the project, Triple Five began to completely re-envision the project. It was a hard task, consid- ering when it grabbed the reins, pylons were driven and structures and roofs were on some elements of the project. Many of the exterior fnishes were in- stalled, and fooring, ceilings, lighting and even handrails in some areas were in place. "We changed everything," says Gh- ermezian. "We gutted every element of the prior project, including changing the exterior and interior of the project. The fnishes for American Dream will be the most incredible fnishes you have seen in any retail environment." Triple Five spent nearly two years re- envisioning the physical environment of American Dream. That's much of the reason, says Ghermezian, that the company kept quiet about what was going on at the project. "It took us two years just to put the plan together," he says. "The timing to build a project of this size doesn't hap- pen overnight. In the last three years, we have signed every tenant that we set out to sign and landed every ma- jor attraction — and more — that we wanted to have." Retail at the center will be divided into districts. American Dream will feature luxury retailers like Saks Fifth Avenue and Hermès. More main- stream retailers like Banana Republic, Victoria's Secret and Microsoft also have signed on for stores at the center, as have tenants like Lululemon, Gap, Pink, Uniqlo and Zara. Ghermezian says that American Dream has also at- tracted a large contingent of tradition- al on-street retailers. The third foor of the center will be dedicated to off-price retail. "We know that people love Fifth Av- enue, they love SoHo, and they also love outlet centers," says Ghermezian. "We want to go after all of that — have a little piece of Fifth Avenue, a little piece of SoHo, a little piece of the best outlets. That is what we have created: a one-stop shop. The difference here is that it is all under one roof and it is conducive to shop here every day of the year." Retailers from around the world have been attracted to the project due to its potential to attract visitors from around the world and its location across the Hudson River from Man- hattan, and adjacent to Interstate 95, Highway 3 and Route 120. American Dream has traffc counts of nearly 260,000 cars per day — equating to a staggering 100 million cars per year. But that is nothing, say the develop- ers, compared to the 55 million tour- ists who visit the New York market each year and the 21 million who call the area home. Triple Five knew it would have to tap into local residents as well as tourists to make American Dream a success — and to do that they would have to create an attraction that doesn't exist anywhere else on Earth. BEYOND THE DREAM AMERICAN DREAM from page 1 One of American Dream's attractions will be an indoor snow hill. Operating and managing 3 million square feet of industrial, commercial, and retail space in the mid-Atlantic region. 405 E. Marsh Lane, Suite 1, Newport, DE 19804 Phone: (302) 323-9300 www.HarveyHanna.com FLEXIBLE SPACE SOLUTIONS FOR YOUR BUSINESS Contact us today to learn more. RETAIL OFFICE INDUSTRIAL