Business In News
The American Dream mall and entertainment complex failed to make a Feb. 1, 2023 $8.8 million debt service payment on municipal bonds sold to help finance the venture, due to insufficient funds. The mall also had missed the previous payment deadline for the same reason in August 2022. The notice from U.S. Bank revealed that the reserve fund that had been used to pay these semi-annual debts had a balance of just $878.50.
However, failure to make this payment doesn’t constitute a default, and American Dream is not required to pay back the loan immediately. Requests for comment from American Dream and its owner, Triple Five Worldwide, had not been received at press time.
The mall, which opened after a years-long delay in October 2019, struggled (as many retailers and malls did) with COVID-19’s impact on in-person shopping. American Dream styles itself as more of an experience center than a traditional mall, and features numerous family-friendly attractions, including a DreamWorks water park and a Nickelodeon Universe Theme Park.
American Dream’s newest tenant will be The ADdress, a 55,000-square-foot multi-brand store in a space that previously had been leased by Century 21, according to Glossy. The concept was developer by Triple Five Group and is billed as the “first-ever modest clothing department store” (i.e. featuring styles appropriate for Islamic and other religious consumers). The 35 brands that will be represented each have individual leases, but American Dream will staff the store, provide a shared checkout experience and host a loyalty program. (The “AD” in the store’s name refers to “American Dream.”)
The ADdress will have a “phase one” opening on Feb. 14 for one floor of a planned two-floor space. Phase two will include modest bridal wear and a dedicated home goods section, while phase three will expand offerings to menswear and additional children’s clothing.