Headlines

Xanadu Project in Hands of Creditors

Construction delays started in 2007

Published

14 years ago

August 11, 2010

VMSD Staff

Xanadu, the retail and entertainment complex in New Jersey's Meadowlands (East Rutherford, N.J.), has been taken over by creditors. A spokesman for the lenders says they are negotiating to revive and finish the stalled project, reports the Associated Press.

The $2 billion project is under an ownership group led by California-based Colony Capital.

Construction on Xanadu, which sits next to the Izod Center in the sports, entertainment and retail complex near New York, was suspended last year.

According to the Meadowlands website, the state-of-the-art entertainment complex was to include America's first indoor snow park, concert facilities and the largest observation wheel in the U.S., in addition to multiple shopping and dining options. The project is being developed by ERC 16W Limited Partnership in conjunction with the New Jersey Sports and Exposition Authority and is financed by Colony Capital, Dune Real Estate Funds and KanAm. The initial project completion date was 2007 and most recently was pushed back to mid 2011.

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