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EAST RUTHERFORD, NJ-Just off Exit 16W on the New Jersey Turnpike, approaching the swamps and marshes of the Meadowlands, is the site once known as “the ugliest building in New Jersey,” the hulking former-Xanadu project. Come 2014, Triple Five Corp. will redevelop the three-million-square-foot structure into the “American Dream,” a $1.5 billion megamall including luxury retail, an indoor water park, restaurants, a Ferris wheel, a movie theater and North America’s first indoor ski slope.

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