Jones Lang LaSalle
Mills Pays Authority $31M to Complete Lease Deal
By Eric Peterson
Last updated: March 23, 2006 09:40am
(For more retail coverage, click GlobeSt.com/RETAIL.)
EAST RUTHERFORD, NJ-Mills Corp.’s financial woes have been well publicized, and the status of its participation in the massive Meadowlands Xanadu retail/entertainment complex here has been a major question mark. Indeed, a few weeks ago officials of the Arlington, VA-based developer were called before the New Jersey Sports & Exposition Authority, the state agency that runs the Meadowlands Sports Complex and owns the Xanadu site, to explain their financial status.
In the wake of those developments, Mills remains in good stead with the NJSEA, at least, having yesterday paid the final installment of $31 million toward the 15-year lease of the Xanadu site. Altogether, Mills has paid the state $160 million for the rights to the 104-acre site surrounding the Continental Airlines Arena, on which Xanadu is already rising. The payment by Mills beat the NJSEA-imposed deadline of March 31 by nine days.
“It is an indication of Mills Corp. being a good partner with us,” NJSEA president and CEO George Zoffinger says in a prepared statement. “We are proceeding along with the project. They continue to meet all their obligations.”
Mills is joint-venturing the $1.3-billion Meadowlands Xanadu with the Cranford, NJ-based Mack-Cali Realty Corp. At build-out the project will amount to 4.8 million sf of retail, entertainment and recreational uses, including an indoor ski resort. Negotiations are ongoing regarding a possible minor league baseball stadium.
Mills Pays Authority $31M to Complete Lease Deal
By Eric Peterson
Last updated: March 23, 2006 09:40am
(For more retail coverage, click GlobeSt.com/RETAIL.)
EAST RUTHERFORD, NJ-Mills Corp.’s financial woes have been well publicized, and the status of its participation in the massive Meadowlands Xanadu retail/entertainment complex here has been a major question mark. Indeed, a few weeks ago officials of the Arlington, VA-based developer were called before the New Jersey Sports & Exposition Authority, the state agency that runs the Meadowlands Sports Complex and owns the Xanadu site, to explain their financial status.
In the wake of those developments, Mills remains in good stead with the NJSEA, at least, having yesterday paid the final installment of $31 million toward the 15-year lease of the Xanadu site. Altogether, Mills has paid the state $160 million for the rights to the 104-acre site surrounding the Continental Airlines Arena, on which Xanadu is already rising. The payment by Mills beat the NJSEA-imposed deadline of March 31 by nine days.
“It is an indication of Mills Corp. being a good partner with us,” NJSEA president and CEO George Zoffinger says in a prepared statement. “We are proceeding along with the project. They continue to meet all their obligations.”
Mills is joint-venturing the $1.3-billion Meadowlands Xanadu with the Cranford, NJ-based Mack-Cali Realty Corp. At build-out the project will amount to 4.8 million sf of retail, entertainment and recreational uses, including an indoor ski resort. Negotiations are ongoing regarding a possible minor league baseball stadium.
posted by Jones Lang LaSalle NJ News Blog at 9:27 AM
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