Stalled $2 billion Xanadu entertainment complex at NJ’s Meadowlands goes to creditors
By APTuesday, August 10, 2010
Troubled Xanadu project now in hands of creditors
EAST RUTHERFORD, N.J. — Creditors have taken over the $2 billion Xanadu retail and entertainment complex in New Jersey’s Meadowlands, and a spokesman for the lenders says they are negotiating to revive and finish the stalled project.
The five lenders on Tuesday exercised their right to take control of the project from an ownership group led by California-based Colony Capital.
Construction on Xanadu, which sits next to the Izod Center in the massive sports, entertainment and retail complex near New York City, was suspended last year.
Michael Beckerman, a spokesman for the lenders, says the group is negotiating with “several world-class entertainment and retail operators.”
A panel commissioned by Gov. Chris Christie has recommended the state help finish it.
