Meadowlands Xanadu.. What do you think?

July 2010 Update on Xanadu or The New Meadowlands:

Three sources familiar with a proposal under serious consideration by the Christie administration said that taxpayers — via a provision of the state’s Economic Stimulus Act of 2009 — could, in effect, invest about $180 million in the long-stalled project. That money would come in the form of an annual diversion to the developers of 75 percent of the state sales tax revenue generated by the project after it finally opens — for as long as 20 years, or until the $180 million cap is reached.

That figure is based on an estimate of $900 million in additional capital needed to finish off a 2-million-square-foot retail and entertainment project on which developers already have spent about $2 billion.

First, if the incentive isn’t approved, it is likely that current investor guru Steve Ross of Related Group will walk away from the deal.  Having invested millions in marketing already, including a huge expo in Vegas last month, I find it hard to believe that the incentive won’t be approved.

What is not to like about Xanadu?  The mall will generate so much revenue and as stated in northjersey.com, if only 25% of the tax revenue in the early years would produce millions of dollars in new money for the state Treasury.

Continue reading the story about Xanadu HERE

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March 2010 Update

The $2 billion entertainment / retail giant called Xanadu has yet again delayed its grand opening.  Earlier thoughts were that Xanadu would throw a grand opening with the same day the Giants / Jets inaurated the new football stadium.  Although that would have been awesome, and quite the party, it ain’t gonna happen.  Xanadu opening has been delayed until mid 2010, per Cabelas (Xanadu’s anchor retailer).

Xanadu is being developed by ERC 16W Limited Partnership in conjunction with the New Jersey Sports and Exposition Authority.  One of the most recent news bits have been that Colony Capital, the main financier of Xanadu, also owns the Atlantic City Hilton.  Recently, Colony defaulted on their mortgage in light of nearly $250 million in debt and a substantial loss in 2009, however, principals and the state are told that the AC Hilton has no impact on the future of Xanadu.

Personally, I love the concept of Xanadu.  I am a major entertainment buff and love sports and embarrassingly enough I also like the occassional mall shopping with my wife..  Although ugly as hell from the outside with its multi-color facade that looks like stacked shipping containers, the inside is going to be the most state of the art complex our state has seen in a while.  Just a few of Xanadu’s attractions will be an 18-screen Egyptian themed cinema with 500 foot obelisk.  The theater will have outdoor screening overlooking Manhattan and VIP seating will also be available.  At the other end will be an 800 foot long indoor ski slope with an ice-themed restaurant.  (Yes people…that slanted slopey looking part of the building IS an indoor ski slope).

Additionally, GUYS, sports bars galore, skydiving simulation stations, a surf pool, martini-serving bowling alley, and RUMOR HAS IT, they are going to allocate a certain section of the parking lot for tailgating events for every professional sports team.  Does Xanadu know how to party or what!

Some comments I’ve heard from fellow NJ’eyans on Xanadu:

What an ugly POS this is!

Great!  More taxpayer money out the window!

Drop a bomb on this mess!

The opening of Xanadu will not only bring tourists and out of towners into NJ to spend their money in our system, but it will bring an enormous employment rush to this area that has seen its unemployment numbers skyrocket over the last year.   The economic impact will have a postive effect on New Jersey NJ real estate.

Located literally a couple minutes from New York City via the Lincoln Tunnel / Holland Tunnel, Hoboken, Jersey City, and most northern suburbs, NJ Transit is extending a line to the Meadowlands so that traffic can be mitigated throught the use of public transportation.

Until the day that Xanadu opens…I do not share the same negativity as some.  I for one cannot wait for it to open.  See you there!  Share your Xanadu thoughts by commenting below

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