Wednesday, December 14, 2016

Part 3!!!

It's like they put all this effort in just for me.
Although those two malls have continued to operate successfully for decades, Triple Five itself hasn’t been able to replicate its winning formula by opening a new megamall anywhere else in North America — though not for a lack of trying.

Not long before Christie unveiled the Ghermezians as the new developers for the American Dream project in New Jersey, a property the company had picked for a project it called the Great Mall of Las Vegas was lost to foreclosure.

In the 1980s, Triple Five also unsuccessfully pursued a mall project called Fantasyland in Niagara Falls, NY. And about 20 years ago, the company pitched a mall development in Silver Spring, MD, that was also never built. It, too, was also called American Dream by the Ghermezians.

At the time, there were a lot of vacant buildings in Silver Spring, said Doug Duncan, the former county executive for Montgomery County, MD, which is a suburb of Washington, D.C. Triple Five was offering to fix the economic-development problem with one major project.

"One major project" surrounded by acres of parking lot isn't an economic development solution. There aren't any spillovers.