Friday, July 01, 2011

Triple Five's American Dream Already Turning Into A Nightmare

Triple Five, which operates the Mall of America entered into an agreement to take over the moribund and never-opened Xanadu project that is full of the stench of failed development policies in New Jersey. The company is likely to benefit from a number of tax measures to entice the company to take over the project, but the whole enterprise seems to be a money pit just waiting to happen. One can only hope that Triple Five can turn things around but they're going to have to overcome issues with the design and structure itself.

In fact, it looks like some of the work done on the original project was shoddy and will need significant repair before the site can be readied for an open (a date has still not been set for when that will happen). Costs were cut in order to attempt to open the project, and when the money ran out, everything was left as it was.

Elevators and escalators that have been installed on site will need to be refurbished or replaced because of rust or corrosion.

Perhaps more costly is the fact that one of the parking garage decks is sinking and needs to be stabilized. Triple Five says that the structures are stable, but soil underneath needs to be compacted and brought up to level. This particular issue appears to be similar to one that faced the developers for Palisades Center in Nyack, New York, where the underground garage was shut down for months as the developers worked to repair the garage levels because it became impossible to safely navigate the area due to potholes, sinkholes, and subsidence.

The company also plans on completely revamping interior and exterior finishes. Those changes to the exterior can't come fast enough as everyone recognizes just how ugly and awful the design was.

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