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Interesting discussion I lived in Kearny, NJ in the 1980’s and recall all the talk about the place during the planning process for the site. Never visited the mall, really hate shopping, ..lol. But I find it amazing they charge for parking. I now live 20 minutes from The King of Prussia Mall in Pa. No change for parking the few times I have visited Apple Store in the mall.
Based on this article the King of Prussia Mall is 3rd largest mall in the US.
Interesting discussion I lived in Kearny, NJ in the 1980’s and recall all the talk about the place during the planning process for the site. Never visited the mall, really hate shopping, ..lol. But I find it amazing they charge for parking. I now live 20 minutes from The King of Prussia Mall in Pa. No change for parking the few times I have visited Apple Store in the mall.
Based on this article the King of Prussia Mall is 3rd largest mall in the US.
I think the mighty King of Prussia Mall is actually second (to Mall of America) by rentable retail space; the amusement park stuff inflates American Dream's total square footage by quite a lot.
Interesting discussion I lived in Kearny, NJ in the 1980’s and recall all the talk about the place during the planning process for the site. Never visited the mall, really hate shopping, ..lol. But I find it amazing they charge for parking. I now live 20 minutes from The King of Prussia Mall in Pa. No change for parking the few times I have visited Apple Store in the mall.
Based on this article the King of Prussia Mall is 3rd largest mall in the US.
Wait, are you telling us, the American Dream/Xanadu has been in planning since the 1980s?
Was it the same owners I have no idea, but yes they were planning the mall way back then. I recall the owners/ builders talking it up to the planning board in the local newspapers back when all local news was in the papers.
I went to Mall of America about 10-15 years ago, my 2 daughters were all excited about going to a mall on vacation, me not so much I got out voted 3 to 1, wife and girls won! Thanks for the memory…lol.
Wait, are you telling us, the American Dream/Xanadu has been in planning since the 1980s?
It was first proposed in 2003, even though construction didn't begin right away, and then construction continued--in fits and starts, and under several different owners--for quite a few years.
I don't think this mall is ever going to survive. One, it is going to take a complete financial overhaul and a start from scratch. Based upon the history, nobody can come in "assume" and of the previous debt and make a decent go at this. It needs to be taken over by a lender and a new buyer will have to come in at a feasible price-point and start from scratch.
The second factor is size. You can't fill a substantial portion of that space overnight. So, as tenants come in slowly, there's not enough foot-traffic and captive audience for them to do well. They can't support it and wait for more tenants and more people. And so it goes. It's just too big to fill. Couple that with today's day and age. An up and running mall might be struggling, but they already have the occupancy and foot-traffic to survive. Starting from where this mall is, it's just too big to get up and running. Close down sections of it. Start to fill it in phases. Don't open the next section until the prior one is close to full. I think that might be the only way it could work, and even that's a longshot. It's just one of those "doomed" projects, locations, etc.
I don't think this mall is ever going to survive. One, it is going to take a complete financial overhaul and a start from scratch. Based upon the history, nobody can come in "assume" and of the previous debt and make a decent go at this. It needs to be taken over by a lender and a new buyer will have to come in at a feasible price-point and start from scratch.
The second factor is size. You can't fill a substantial portion of that space overnight. So, as tenants come in slowly, there's not enough foot-traffic and captive audience for them to do well. They can't support it and wait for more tenants and more people. And so it goes. It's just too big to fill. Couple that with today's day and age. An up and running mall might be struggling, but they already have the occupancy and foot-traffic to survive. Starting from where this mall is, it's just too big to get up and running. Close down sections of it. Start to fill it in phases. Don't open the next section until the prior one is close to full. I think that might be the only way it could work, and even that's a longshot. It's just one of those "doomed" projects, locations, etc.
How will "starting from scratch" be like? Kick all the current tenants out, and try to refill each section slowly like you state, and keep other sections closed?
How will a lender come in unless they assume the debt of previous owner?
How will "starting from scratch" be like? Kick all the current tenants out, and try to refill each section slowly like you state, and keep other sections closed?
How will a lender come in unless they assume the debt of previous owner?
Starting from scratch means taking over and trying to fill the entire property from day one. So far, it hasn't worked. I say, leave who is there, pick the most ideal section or phase, change your parking and infrastructure, pray, and start leasing, LOL.
As far as the new owner, and whoever they bring in as their lender -- the previous debt is meaningless. It will not sell for 100 cents on the dollar (meaning the previous debt). If the current lender takes over and they are underwater, that's their problem. If they are owed $1B and can't sell it for that, then what? If they are not underwater, lucky them. But nobody is coming in at anywhere near the previous numbers being thrown around. The place is not profitable at those kinds of numbers. Hence the repetitive takeovers, bankruptcies, workouts, or whatever you want to call it.
Starting from scratch means taking over and trying to fill the entire property from day one. So far, it hasn't worked. I say, leave who is there, pick the most ideal section or phase, change your parking and infrastructure, pray, and start leasing, LOL.
As far as the new owner, and whoever they bring in as their lender -- the previous debt is meaningless. It will not sell for 100 cents on the dollar (meaning the previous debt). If the current lender takes over and they are underwater, that's their problem. If they are owed $1B and can't sell it for that, then what? If they are not underwater, lucky them. But nobody is coming in at anywhere near the previous numbers being thrown around. The place is not profitable at those kinds of numbers. Hence the repetitive takeovers, bankruptcies, workouts, or whatever you want to call it.
Which means no one is going to come in a takeover from current owners.
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