Related Companies in Talks to Save Xanadu
The Record (NJ) reports: The Meadowlands Xanadu project, a $2 billion retail development that's been stalled for more than a year, may have found $500 million in construction funding it needs to open.
Billionaire Stephen Ross — whose Related Companies real estate firm is a major player in Manhattan development projects — has been in negotiations with Xanadu developer Colony Capital, as well as New Jersey state officials, about becoming a partner in the mall project, according to three sources familiar with the negotiations. The sources said Monday that a formal announcement may come this week.
If the Ross negotiations come to fruition, it’s expected that Xanadu — perhaps with a new name and a new look — could open before the end of 2010. The mix of entertainment and retail components is not expected to change dramatically.
Ben Thypin, a senior market analyst for Real Capital Analytics in New York, echoed the latter point. He added that Related is more likely than Colony to "finish the job" at Xanadu, because Related has more experience in project management and not just real estate ownership. "Related has a lot of experience in mixed-use development," said Thypin, who analyzes distressed assets.
See the May article Meadowlands Xanadu - At $2.3 Billion, This Mall Could Be Too Big to Fail.
View the full article on The Record (NJ): Related Companies in Talks to Save Xanadu
Articles related to this topic:
Distress Calls Begin to Go Out
ICSC Announces Agreement with Real Capital Analytics to Build Global Shopping Center Directory
Simon Property Shopping for GGP
Posted by: Matthew Stone