Who Are the Owners of Triple Five Group
Triple Five Group is a privately held real estate and entertainment development company controlled by the Ghermezian family. The principal owners are brothers Isidore, Jack, and Elyahu Ghermezian, who have led the company for decades. The firm is the developer behind the Mall of America and the under-construction American Dream mega-mall. The Ghermezians also control related entities that manage vast commercial and entertainment assets across North America. Forbes details the family's business history.
Family Ownership Structure
The Ghermezian family's wealth originates from their early involvement in shopping mall development in Canada. Triple Five Group operates as a family office-style conglomerate rather than a publicly traded company. This structure allows the owners to pursue long-term, large-scale projects without quarterly shareholder pressure. The brothers' combined net worth places them among the most influential private real estate dynasties in North America.
Major Projects and Developments by Triple Five
The company's most prominent project is the Mall of America in Bloomington, Minnesota, which opened in 1992. It remains the largest shopping mall in the United States by total area. The group is also the master developer of American Dream in East Rutherford, New Jersey, a massive complex featuring retail, entertainment, and a Nickelodeon Universe theme park. American Dream represents a $5 billion investment.
American Dream and Future Plans
American Dream, which opened in 2019 after years of delays, includes over 450 stores, an indoor ski slope, and a massive water park. The project was designed to rival the Mall of America and attract tourists from the New York metropolitan area. Triple Five has also been involved in developing entertainment-centric retail spaces in Canada and other U.S. locations. The company focuses on integrating large-scale attractions with traditional retail to drive foot traffic.
Financial Scale and Market Position
While Triple Five Group is privately held, its projects represent billions of dollars in real estate development. The Mall of America alone generates an estimated $1 billion in annual sales and attracts over 40 million visitors per year. The company's ability to finance and execute such large projects underscores its significant capital reserves and banking relationships. SEC filings for related public entities show the scale of the real estate sector.
Competitive Position in Mega-Mall Development
Triple Five Group is widely considered the leading developer of super-regional and mega-mall properties in North America. The company competes with publicly traded REITs and other private developers for large, complex sites. Its success is built on a model that combines retail, hospitality, and entertainment into single destinations. This approach has redefined the modern shopping mall industry and created some of the continent's most visited commercial properties.
