EAST RUTHERFORD, NJ—American Dream developer Triple Five says that construction will ramp up significantly in coming months and that a bond sale of up to $800 million to cover construction costs will take place this summer.
Tony Armlin, a vice president for developer Triple Five, says that construction employment will increase significantly at the long-delayed project in coming months. Construction on the massive entertainment-retail venture resumed last summer with completion scheduled in the fall of 2016.
At a project status update to Bergen County freeholders on Wednesday, Armlin said the project's construction workforce, currently at 200, will increase to 300 in February, 600 by May, and to at least 800 by September. At peak construction this time next year there will be 2,000 construction workers at the project site, according to The Record.
Armlin said the required “guaranteed maximum price” will be established by the end of March, setting the stage for the $800-bond sale this summer, perhaps as early as June. He said the maximum price is expected to be approximately $2 billion. Prior developers have spent approximately $2 billion on the project over the past 10 years. See story in The Record.
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