Two Canadian firms are joining forces to realize the American Dream — that is, a megamall called American Dream New Jersey. Triple Five Corp., the shopping center’s current developer, has agreed with Hudson’s Bay Co. to open three of the latter’s banners: Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue Off 5th. The announcement marks great progress for the property, which has been languishing for years alongside the New Jersey Turnpike, outside New York City.
Scheduled to open in late summer 2017, the complex will house retail, restaurants and entertainment offerings, and Triple Five says there are likely to be 40 million visitors annually. “American Dream is one of the most unique projects in the world,” said Richard Baker, governor and executive chairman of Hudson’s Bay, in a press release. “It is elevating the shopping center format to combine retail, dining, lifestyle and entertainment to create a total experiential destination. We believe that shopping is an entertainment experience, and the American Dream concept exemplifies that philosophy fully.”
The 132,000-square-foot Saks Fifth Avenue and the 120,000-square-foot Lord & Taylor will be located within American Dream’s The Collections area, an architectural showcase of luxury and lifestyle retailing. The 30,000 square-foot Off 5th outlet store will be located in the shopping center’s third-level off-price district.