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GlobeSt.com UPDATE: State Officials Back Xanadu Developer
By Eric Peterson
Last updated: February 6, 2006 09:42am
EAST RUTHERFORD, NJ-Uneasy about the future of the $1.3-billion, under-construction Meadowlands Xanadu mixed-use project here because of the recent bad financial news emanating from co-developer Mills Corp., state officials last week summoned top execs of both Mills and joint venture partner Mack-Cali Realty Corp. for a face-to-face meeting. And that meeting apparently went well for Mills and Mack-Cali, because state officials issued a statement in support of the future of the project.
"They came completely prepared to answer all of our questions," Carl Goldberg, chairman of the New Jersey Sports & Exposition Authority, said in a prepared statement. Meadowlands Xanadu is currently rising on state-owned land managed by the NJSEA, surrounding Continental Airlines Arena within the Meadowlands Sports Complex. "They will be able to obtain the necessary financing to complete the project."
At the meeting with Goldberg and other NJSEA officials, the developers' contingent headed by Larry Siegel, CEO of the Arlington, VA-based Mills, and Mitchell E. Hersh, president and CEO of the Cranford-based Mack-Cali, laid out details of the project's financing, including the more than $540 million that Mills and financial partner Kan-Am already have in the pot. According to NJSEA officials, the developers also outlined the progress of getting Xanadu's retail and entertainment components leased. Company officials related that they've finalized four leases and have "dozens more" close to being finalized. The total space involved is in excess of 500,000 sf, they revealed, including anchor tenant leases with outdoor gear retailer Cabella's, and with the operator of a planned indoor ski mountain.
A parking garage for the project has been completed and is currently being used for events at Continental Arena, and steel is rising for the retail component of Xanadu. The retail/entertainment portion of Xanadu, which will ultimately include office space, residences and hotels, is slated to open by early 2008.
GlobeSt.com UPDATE: State Officials Back Xanadu Developer
By Eric Peterson
Last updated: February 6, 2006 09:42am
EAST RUTHERFORD, NJ-Uneasy about the future of the $1.3-billion, under-construction Meadowlands Xanadu mixed-use project here because of the recent bad financial news emanating from co-developer Mills Corp., state officials last week summoned top execs of both Mills and joint venture partner Mack-Cali Realty Corp. for a face-to-face meeting. And that meeting apparently went well for Mills and Mack-Cali, because state officials issued a statement in support of the future of the project.
"They came completely prepared to answer all of our questions," Carl Goldberg, chairman of the New Jersey Sports & Exposition Authority, said in a prepared statement. Meadowlands Xanadu is currently rising on state-owned land managed by the NJSEA, surrounding Continental Airlines Arena within the Meadowlands Sports Complex. "They will be able to obtain the necessary financing to complete the project."
At the meeting with Goldberg and other NJSEA officials, the developers' contingent headed by Larry Siegel, CEO of the Arlington, VA-based Mills, and Mitchell E. Hersh, president and CEO of the Cranford-based Mack-Cali, laid out details of the project's financing, including the more than $540 million that Mills and financial partner Kan-Am already have in the pot. According to NJSEA officials, the developers also outlined the progress of getting Xanadu's retail and entertainment components leased. Company officials related that they've finalized four leases and have "dozens more" close to being finalized. The total space involved is in excess of 500,000 sf, they revealed, including anchor tenant leases with outdoor gear retailer Cabella's, and with the operator of a planned indoor ski mountain.
A parking garage for the project has been completed and is currently being used for events at Continental Arena, and steel is rising for the retail component of Xanadu. The retail/entertainment portion of Xanadu, which will ultimately include office space, residences and hotels, is slated to open by early 2008.
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