From Tax Codes to Traffic, a Megamall’s Risks

Sixty-nine percent of American Dream's 2.9 million square feet of space has been leased to tenants like Saks, Lord & Taylor, and Primark. There will also be a Nickelodeon amusement park and a DreamWorks water park.

Still, says Lisa Washburn, a credit research analyst for Municipal Market Analytics, the project should give any investor pause.

“I still remain skeptical about the ability for success for the project generally and specifically very concerned about the risks to bondholders,” she said.