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Old Posted Nov 27, 2010, 5:11 AM
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The Time To Build Is Now
Join Date: May 2008
Location: Bronx, NYC
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New York Times

A New Push to Rescue Xanadu Mall Project
Published: November 26, 2010

Lenders and state officials in New Jersey are desperately trying to cobble together the second rescue of Xanadu, one of the nation’s largest, most expensive and still incomplete retail and entertainment malls.

The 2.4-million-square-foot project, which began in 2003 with futuristic visions of an indoor ski slope, a super-size Ferris wheel, a concert hall, movie theaters, bowling alleys, restaurants and expensive shops, ran through two owners and a staggering $1.9 billion before work came to a halt nearly two years ago amid the financial crisis and the collapse of Lehman Brothers.

The lenders are now hoping to strike a deal by the end of 2010 with a new developer and a new financial partner willing to put up more than $500 million to finish the five-story mall in the Meadowlands, six miles from Times Square.
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