Mitsu Yasukawa/The Star-Ledger
An aerial photo of the Meadowlands complex in East Rutherford in 2008, showing construction on the Xanadu project in the foreground and on the new football stadium in the background. Izod Center is at upper left.
"Visitors to the Meadowlands Sports Complex in East Rutherford can still enjoy horse races, pro-basketball, and NFL football games. What they still can’t enjoy are rides on a 287-foot Ferris wheel, skydiving, or an indoor skiing area next door.
No one will admit it on the record – not publicists, developers, or leaseholders – but behind-the-scenes, people in Northern New Jersey are questioning whether the proposed $2.3 billion Xanadu entertainment complex is dead.
Originally expected to be financed by the Maryland-based Mills Corp., Xanadu ended up being backed by Colony Capital, a private equity firm. After it became apparent that Mills would be unable to finance the project as planned, Colony Capital took over in August 2006, committing up to $500 million of equity. Colony also arranged for construction loan financing to help fund construction costs.
The retail/entertainment/sports complex along Route 3 was supposed to open its doors last year. The 2008 debut was then pushed to August 2009, then again to 2010.
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 complex will have a total of 4.8 million square feet, with 2.3 million square feet available for lease, an aquarium, an indoor snow dome, two skydiving tunnels, movie theaters, and up to 200 stores.
Last year, restaurants, retail stores, and entertainment attractions jumped on board to join the attraction that developers said would redefine leisure time in the Northern New Jersey/New York City region. The Cheesecake Factory, Benihana, Legoland, and Cabela’s were among the restaurants, stores, and attractions that signed leases at Xanadu last year. But now many are wondering whether any of this is still realistic.
Early this year, State Sen. President Richard Codey told an audience at the New Jersey Meadowlands Commission that Xanadu was “the mistake of the Meadowlands.”
For now, everyone is waiting to see what new Gov. Chris Christie will do. Christie got elected on the promise that he would cut spending, reject spending increases, and tighten New Jersey’s collective belt.
Next year Gov. Christie will appoint a new chairperson to the New Jersey Sports and Exposition Authority to replace Chairman Carl Goldberg. No one expects any major announcement regarding Xanadu until that appointment is made. – E-mail E. Assata Wright at awright@hudsonreporter.com."
Now the problemis not the fact that it is sucking up money, it's the fact that not opening it up, you will lose so many new jobs. This resort would also create an advantage that the east coast has not been able to expierence, snow year round. The combination of the two (especiall in today's econonomy) should be more then enough inspiration for people to want this building to become a reality. The mall and snowdome, will create buisness and should allow people to save money on a trip to disney land, and enjoy the carnival that is Xanadu. There has to be some kind of stimulus package for this building sitting in the meadowlands, and hopefully it happens right in time for those who are not able to go the southern hemisphere or the northwest once the season ends here.
Another article that has to do with the indoor resort industry click below
Indoor snow business picks up despite economy
