Posted Feb 22, 2010, 3:14 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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http://hudsonreporter.com/view/full_...es_left_column
New life for Xanadu?
New York developer may jump-start stalled project
by E. Assata Wrig
Quote:
With thousands of jobs for the Meadowlands region at stake, the state is considering an offer from an investor to revive the stalled Xanadu project in East Rutherford, a $2.3 billion entertainment/retail/sports complex on Route 3.
Related Companies, a New York City-based real estate development company, may kick in millions to complete the project, which has seen its opening date pushed back several times.
Xanadu needs about $500 million to be completed. It’s unclear whether Related would put up all or a portion of the money needed for completion.
The massive complex, which is supposed to feature five theme-oriented shopping and entertainment districts, was envisioned to be a cross between an indoor theme park and a mall.
The completed complex will have a total of 4.8 million square feet, with 2.3 million square feet available for lease, plus an aquarium, an indoor snow dome, two skydiving tunnels, movie theaters, and up to 200 stores.
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