Quote:
Quote:
|
http://www.nytimes.com/2010/11/22/ny...2&ref=nyregion
On Train to Meadowlands, View of Wasted Money http://graphics8.nytimes.com/images/...ticleLarge.jpg The New Meadowlands Stadium, left, stands near the long-delayed Xanadu project, right. By RICHARD PÉREZ-PEÑA November 21, 2010 Quote:
|
New York Times
A New Push to Rescue Xanadu Mall Project By CHARLES V. BAGLI Published: November 26, 2010 Quote:
http://www.nytimes.com/2010/11/27/ny.../27Xanadu.html |
Intresting developement too bad they went along with pepsi instead of coca cola.
and the general cladding and facades look horribly indeed looks like some big factory complex with plenty of halls only thing that almost looks good is the ski slope. they got alot to learn from Dubai here id say the Mall of the emirates ski slope and the general cladding and layout of the Dubai mall is work of art compared to this. lets just hope the interior wont be as hideous as the rest but i fear it might me this is how malls should look like the pictures are my own http://img403.imageshack.us/img403/9592/p3098084.jpg Top of the ski slope in Mall of the emirates from outside http://img508.imageshack.us/img508/5387/p3128943.jpg on the left here u can see much of the Dubai mall it also have nice cladding on the other side and its even very beautiful on the roof also on the right u got an Arabic souk http://img52.imageshack.us/img52/6641/p3128827.jpg close up of the Dubai mall |
Deal Revives New Jersey's Xanadu .
DECEMBER 24, 2010. By ELIOT BROWN And LISA FLEISHER http://online.wsj.com/article/SB1000...549228004.html After over two years of delays, lenders controlling the troubled Xanadu New Jersey retail development have reached a tentative agreement with Triple Five Group, the owners of the Mall of America to invest in and finish the stalled multibillion dollar project. Should the deal be finalized, it would bring an end to a tumultuous search for a new developer to finish construction of the entertainment and retail mega-project which has become an embarrassment for the state. Edmonton, Alberta-based Triple Five has signed a letter of intent to do the deal with a lender group which took control of the financially troubled project in August. But people involved cautioned that a deal wasn't final and could still collapse. Bidders have estimated the 2.2-million-square-foot project needs as much as $700 million to $1 billion in new money, following the approximately $2 billion that has already been spent. Details of the deal weren't released. But people familiar with the matter say that it calls for the lenders to receive money from the project over time as it is completed and revenue comes in, and they wouldn't receive an up-front payment. Should the project succeed, the lenders could ultimately retrieve their full investment, the people said. The lenders, which hold about $500 million in debt, include Credit Suisse, Capmark Financial and an affiliate of Fortress Investment Group. In a measure to aid the new developer, the typically parsimonious Christie administration has said it is open to directing tens of millions of dollars in state aid to help the project, using a pledge of future tax revenues to help finance the deal. A specific agreement on the subsidy hasn't yet been reached, multiple people involved said. Triple Five executives said Thursday that the company envisions transforming the complex into a major tourism destination akin to the Mall of America and the West Edmonton Mall in Canada, which the firm also owns. "That location is just unbelievable," said Maureen Hooley Bausch, a vice president at Triple Five. "We have a lot of plans—we've talked to some of our favorite retailers." The giant retail project has been a constant headache for the long list of real-estate executives and lenders involved in its creation, suffering from construction delays and rising costs, along with an economic crisis that poured cold water on bullish assumptions. The 100-acre site is slated to include a Ferris wheel and an indoor ski slope. The initial developer, the Mills Corp., ran into financial problems and turned the project over to Colony Capital in 2007. Colony, in turn ceded control to the lender group this year. That group, advised by Moelis & Co., along with law firm Weil, Gotshal & Manges, sought bids in recent months from real-estate firms to finish the project, negotiating in the past few weeks with Triple Five, Florida-based DeBartolo Development, and a joint venture of the Trump Organization and TPG Capital. The project is by no means a low-risk, and many real-estate executives who looked at it are unsure that the economics will work given the tremendous further investment needed. Skeptical about the finances, Donald Trump withdrew his bid earlier this month, he said an interview Thursday. "We studied it long and hard—it is a very tough deal at any price," he said. Triple Five, the state government—which owns the land under the complex—and the lenders plan to continue talks and hash out specifics, though hurdles remain including lining up financing. "There are conditions to be met, but I'm comfortable that they can be met," said Jon Hanson, a former state official who led a state commission that recommended a path forward on Xanadu earlier this year. With regard to a vision for the site, Triple Five said it expected to release plans after the New Year. One thing is certain, according to Ms. Bausch: "The name has to be changed." I also read in an article I cant find "The exterior has to be changed." |
Another ‘only a matter of time’ situation, but I’m glad this is happening sooner rather than later.
|
If Triple 5 can't make a go of this monstrosity, no one can. If this deal falls through they should just implode the beast.
|
Quote:
|
I remember reading about the construction of this site. I thought it would have ended up being a popular place, as that's what everyone was saying (developers, state, etc). Incredible what a big disappointment it turned out to be. I got to agree that this thing looks atrocious and a complete waste of state money. I hope these new guys can turn it over and make something useful with all the money spent.
|
A boondoggle of the highest order. Was there anything remotely resembling a shortage of retail or mega-malls in Bergen County? The ongoing disaster this thing is pains the former Bergen County-ite in me. It's embarrassing.
|
Quote:
It really doesn't matter for this mall, though, because the retail mix is very different. This isn't a typical mall, with department store anchors and the like. Quote:
|
One can only pray this project will be fully completed and operational by the time the Super Bowl comes to the area in 2014.
|
At least its easy to spot from the ESB
http://farm5.static.flickr.com/4093/...779fc484_b.jpg My Photostream: http://www.flickr.com/photos/34734039@N04/ |
http://news.yahoo.com/s/ap/us_christie_xanadu
Gov. promises facelift to NJ's 'ugliest' building http://d.yimg.com/a/p/ap/20110324/ca...._9e05Lx4VEw-- By BETH DeFALCO Mar 24, 2011 Quote:
|
fuck ya! i knew i was right to root for Christie! :D
|
What a waste of my tax $$$$.....sheesh....hes always dumping it into failing projects that continue to fail. We should have to vote on state funding going into private companies. This project was also rushed before considering the strain on the Highway and Transit system which is near or over capacity in this part of the county.
|
http://newyork.cbslocal.com/2011/03/...a-name-change/
New Jersey’s Xanadu Project Is Getting A Name Change http://cbsnewyork.files.wordpress.co...-sff.jpg?w=420 March 31, 2011 Quote:
|
http://www.nytimes.com/2011/04/02/ny...1&ref=nyregion
Fix Xanadu? The Problem May Be Where to Begin http://graphics8.nytimes.com/images/...ticleLarge.jpg Xanadu, an unfinished $2 billion mall project in East Rutherford, N.J., has been criticized by Gov. Chris Christie as “an offense to the eyes.” By RICHARD PÉREZ-PEÑA April 1, 2011 Quote:
|
When I think of Xanada, I think of that stupid movie with Olivia Newton-John and John Travolta. And who should pay for that fugly exterior change? Me thinks the morans who approved it in the first place along with the idiotic architects who designed it. It – but we know that’s a pipe dream. No wonder we’re made fun of.
|
Just re-painting the exterior to one color may solve the problem. The whole project as a whole though is just one huge mess. Should have never been built in its current state.
|
All times are GMT. The time now is 7:19 PM. |
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.