Ghermezian Family and the American Dream Mall: Inside the Vision Behind America’s Most Ambitious Mega Project
To begin with, the Ghermezian family is one of the most influential yet private business families in North America. Over the years, they have become widely known for redefining retail through entertainment-driven mega developments. In particular, the family is the driving force behind the American Dream Mall, one of the largest and most ambitious shopping and entertainment complexes ever built in the United States.
In this blog, we explore who the Ghermezian family is, how they built their empire through Triple Five Group, and why the American Dream Mall represents both their greatest challenge and boldest vision to date.
Who Is the Ghermezian Family?
At its core, the Ghermezian family is an Iranian-Jewish American family best known for founding and owning Triple Five Group, a privately held real estate and entertainment development company.
Key Family Members
-
Nader Ghermezian (Founder)
-
His sons:
Eskandar (Alex) Ghermezian, Don Ghermezian, Raphael Ghermezian, and Bahman Ghermezian
Originally, the family immigrated from Iran to Canada, where they first built wealth through textiles and retail. Over time, they transitioned into large-scale real estate development—a move that would eventually reshape the global mall industry.
Triple Five Group: The Power Behind the Projects
Today, Triple Five Group, owned and operated by the Ghermezian family, specializes in mega malls that combine retail, entertainment, tourism, and hospitality under one roof.
Most notably, their landmark developments include:
-
West Edmonton Mall (Canada) – once the largest mall in the world
-
Mall of America (Minnesota, USA) – currently the most visited mall in the U.S.
-
American Dream Mall (New Jersey, USA) – the family’s most ambitious project
As a result, the company became famous for its core philosophy: malls should be destinations, not just places to shop.
American Dream Mall: The Ghermezian Family’s Boldest Vision
Location & Scale
-
Location: East Rutherford, New Jersey (near New York City)
-
Size: Over 3 million square feet
-
Developer: Triple Five Group (Ghermezian family)
Unlike traditional shopping centers, the American Dream Mall was designed as a year-round entertainment destination, thereby attracting tourists from across the globe.
Major Attractions
-
Indoor ski slope (Big SNOW)
-
Indoor water park
-
Theme parks
-
Luxury and mainstream retail brands
-
Restaurants, cinemas, and live entertainment
Notably, more than 55% of the complex is dedicated to entertainment, marking a dramatic shift away from the old retail-only mall model.
Challenges and Controversies
However, the American Dream project did not come without difficulties. In fact, it faced numerous obstacles, including:
-
Construction delays spanning more than a decade
-
Financing issues and lender disputes
-
Legal challenges
-
COVID-19 shutdowns shortly after opening
Nevertheless, the Ghermezian family retained ownership and continued investing heavily, demonstrating long-term commitment rather than abandoning the project during adversity.
Why the Ghermezian Family Believes in the American Dream
Meanwhile, as many traditional malls across the U.S. continue to decline, the Ghermezian family firmly believes the future lies in experiential retail.
Specifically, their strategy focuses on:
-
Turning malls into tourist attractions
-
Reducing reliance on traditional retail sales
-
Increasing revenue from entertainment, events, and experiences
-
Creating destinations that cannot be replaced by online shopping
Importantly, this same formula proved successful with the Mall of America, which continues to thrive decades after opening.
Ghermezian Family Net Worth and Influence
Although the Ghermezian family’s exact net worth is not publicly disclosed, industry estimates place their combined wealth in the multi-billion-dollar range.
Beyond financial success, their influence extends further:
-
They transformed how malls are designed globally.
-
Popularized the retail + entertainment hybrid model
-
Established a blueprint for future large-scale developments
Final Thoughts
Ultimately, the American Dream Mall is more than a real estate project—it symbolizes the Ghermezian family’s belief that physical spaces still matter in a digital-first world. Despite being controversial and costly, the project reflects their long-standing philosophy: shopping centers should create experiences, not just transactions.
In conclusion, whether the American Dream Mall becomes a long-term success or not, one thing is certain—the Ghermezian family has permanently reshaped the global mall industry.
