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Xanadu Meadowlands to Become American Dream

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This just in--the Triple Five Group, owners of the Mall of America, the country's largest regional mall complex, has reached a deal with the New Jersey state government on Xanadu Meadowlands, the flailing, never-finished entertainment/retail project in Northern New Jersey.

According to the New York Times, Triple Five plans to give Xanadu Meadowlands a new name--American Dream @ Meadowlands--and add a few extra features to the already giant development. Among these will be an indoor water park, a skating rink and a second multi-level parking garage. The new owners also plan to redesign Xanadu's exterior skin, which has become an object of derision.

To help the project succeed, New Jersey state government will provide anywhere from $180 to $200 million in low interest financing to Triple Five. It will also postpone collecting sales tax revenue from the center for an indefinite period of time, to allow the developer to repay the state's loan with the extra money.

What do you think about the new plan? Will this plan help save Xanadu?

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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