Wednesday, April 21, 2021

The Mall Is Flat

I stopped paying attention to one of my pet obsessions - The American Dream Mall - as, like many things, it wasn't going to do so well because of Covid and I couldn't make fun of it failing for normal reasons. But the company behind it is unsurprisingly not doing so well and it's a bit of a weight on its shoulders!
Lenders are seizing minority stakes in Minnesota’s Mall of America and another massive shopping center that were used as collateral for debt on the long-troubled American Dream project in New Jersey.

Developer Triple Five Worldwide had pledged 49% of its equity stakes in Mall of America and the West Edmonton Mall in Canada as collateral for the $5 billion shopping and entertainment center located west of Manhattan in East Rutherford.

(thanks to reader f)