Xanadu

[Dr Skimeister]

No inclination at all in trying it out, doc? Would've been perfect today, what with this ghastly heat.

Nope...none...nada....

Not the experience I seek. In a tin shack with a bunch of "Jersey Guys" in the Hackensack Meadowlands wouldn't do much for me.

 

[dmc]

Nope...none...nada....

Not the experience I seek. In a tin shack with a bunch of "Jersey Guys" in the Hackensack Meadowlands wouldn't do much for me.

yeah... Kinda like my experience in Dubai...
Except Arab Guys... In a desert.. Not a swamp.. haha..

We managed to stay interested for a few runs..

 

[nycskier]

The state is fileting school budgets and scores of programs that are intended to assist low-income citizens but helping to re-finance a private enterprise aimed to attract middle-to-upper class people to slide on frozen and then spend in a glorified shopping mall??? This disgusts me.

Usually I would agree with this but I think Christie is doing this in the right way. From what I understand the State in not putting up any money rather they are giving loan guarentees to the develper to allow them to raise capitol (since no one is willing to lend in this economic enviornment). In exchange for guarenteeing the loan NJ is suppose to get an equity state in Xanadu (or whatever it will be called).

Since the Meadowlands is a state authority and techincally Xanadu was being built on land leased from the state of NJ I can sort of see a rational for the state's involvement in this.

I think Christie looked at a really bad situation and tried to make the best of it for the taxpayers of NJ.

As for me wanting to ski there all I can say is that after this heat wave I'd ski on any indoor bunny hill you give me.

 

[legalskier]

Investors might be forced to hand over Meadowlands Xanadu
Published: Thursday, August 05, 2010, 3:30 PM
EAST RUTHERFORD — Billionaire investor Thomas J. Barrack Jr.’s Colony Capital LLC may be forced to relinquish control of Meadowlands Xanadu, the unfinished $2 billion shopping and entertainment complex in New Jersey, almost four years after leading a takeover of the project, according to four people with direct knowledge of the matter. Xanadu’s lenders, including Credit Suisse Group AG, Capmark Financial Group Inc. and an affiliate of Fortress Investment Group LLC, plan to take over development by Aug. 9 after rejecting restructuring offers, said the people, who asked not to be identified because the talks are private. The developers, creditors and state officials are meeting today to discuss a handover, one of the people said.....“If Colony hands over the keys, that would indicate the firm doesn’t think Xanadu is most productive use of their resources despite the significant amount of capital they’ve already committed,” said Ben Thypin, an analyst at Real Capital Analytics Inc. in New York. “That shows it’s uncertain as to when Xanadu will produce income, much less become profitable.”
http://www.nj.com/news/index.ssf/2010/08/investors_may_be_forced_to_han.html

 

[legalskier]

Five lenders take control of troubled Meadowlands Xanadu project
EAST RUTHERFORD — Time ran out today for the troubled Xanadu entertainment and retail complex. A consortium of five lenders this morning took over the stalled project from a group led by Colony Capital LLC, which ran into problems last year after an affiliate of bankrupt Lehman Brothers stopped providing promised construction funds and could not find alternate financing. This action creates a strong foundation to effect the seamless transfer of ownership in order to complete this project as quickly as possible so that it is open and flourishing as an established visitor destination in advance of the 2014 Super Bowl," said Michael Beckerman, a spokesperson for the lenders.
More: http://www.nj.com/news/index.ssf/2010/08/five_lenders_take_control_of_t.html

The new governor has made Xanadu a priority.

 

[legalskier]

Latest developers will give long-delayed Xanadu a new name
Xana-who? Xanadu, the mega-mall project in the Meadowlands that Gov. Chris Christie has called the ugliest building in New Jersey, will be getting a new name.

To date, "Xanadon't" is more like it. I'd rather have a new facade than a new name.
But wait-

Late last year, Triple Five, which owns the Mall of America in Minnesota and the West Edmonton Mall in Canada, signed a letter of intent with lenders to complete the development of the complex and possibly expand it. Hanson repeated that possibility today, saying "We are exploring ways that we can increase the size of that facility."
http://www.nj.com/news/index.ssf/2011/03/latest_developers_will_give_xa.html

Looks like they're finally getting serious.

 

[andyzee]

It's falling apart

http://www.northjersey.com/news/115203514_Roof_heavily_damaged_at_Meadowlands_Xanadu.html

 

[RootDKJ]

I'm really pissed that Xanadu isn't done yet. I was so looking forward to ripping turns during my lunch break.

 

[Geoff]

This came out late last week. The Triple Five (Canadian outfit, Mall of America in Minneapolis, West Edmonton Mall) deal that has been in the works since December might be happening.

A big day for Xanadu- The parties are moving to finalize an agreement on stalled Xanadu entertainment and retail complex in the Meadowland, according to Jon F. Hanson, chairman of a committee appointed Chris Christie-on games, sports and recreation, which represents the state in negotiations.

“I hope by the end of the month there will be a resolution of various outstanding issues on the Xanadu project,” he said.

Multiple sources told Grapevine that a formal announcement on the project has been tentatively scheduled for April 28, perhaps the building Xanadu.

http://www.worldnewsinn.com/a-big-day-for-xanadu.html

No telling if the new owners would keep the ski facility or just rip it down.

 

[RichT]

Put in a I-Fly.........was at the one in Ogden UT, as my daughter would say it was "cool beans"!!!

http://www.iflyutah.com/

 

[Nick]

I hope so. Maybe we could do a summertime AZ day there!

AZ Summer Get Together?
:beer:

Actually we SHOULD do a summer get together. Maybe a hike or mt ike or something.

 

[legalskier]

Deal Is Reached to Revive and Expand Xanadu Project
The Christie administration, lenders and a new developer have reached a deal to revive the vast Xanadu....The plan: make it even bigger, give it a new name and slap a new skin on the much reviled exterior walls of the 2.4-million-square-foot complex. *** The company also wants to add a large indoor water park, a skating rink, a second multistory parking garage and other entertainment features.... Triple Five also intends to keep the 600-foot-long indoor ski slope already installed in Xanadu....“They’re betting a billion dollars that tourists will come,” said James Sullivan, a retail analyst.... ***
Story: http://www.nytimes.com/2011/04/29/n...expand-xanadu-mall-project-in-nj.html?_r=1&hp

So there may be a light at the end of the tunnel after all. Gov Christie wants it completed by the 2014 Super Bowl.

 

[andyzee]

Deal Is Reached to Revive and Expand Xanadu Project
The Christie administration, lenders and a new developer have reached a deal to revive the vast Xanadu....The plan: make it even bigger, give it a new name and slap a new skin on the much reviled exterior walls of the 2.4-million-square-foot complex. *** The company also wants to add a large indoor water park, a skating rink, a second multistory parking garage and other entertainment features.... Triple Five also intends to keep the 600-foot-long indoor ski slope already installed in Xanadu....“They’re betting a billion dollars that tourists will come,” said James Sullivan, a retail analyst.... ***
Story: http://www.nytimes.com/2011/04/29/n...expand-xanadu-mall-project-in-nj.html?_r=1&hp

So there may be a light at the end of the tunnel after all. Gov Christie wants it completed by the 2014 Super Bowl.

Pretty cool, they're going to take a big flop and make it bigger :dunce: I don't really hold out much hope for this place.

 

[dmc]

Hopefully Gov. Christie can push it through before he starts his presidential run...

 

[jrmagic]

Pretty cool, they're going to take a big flop and make it bigger :dunce: I don't really hold out much hope for this place.

I disagree. I don't think the ski slope will do anything but the other attractions like an indoor water park will draw people in.

 

[andyzee]

I disagree. I don't think the ski slope will do anything but the other attractions like an indoor water park will draw people in.

I disagree, the ski slope will do a lot. A lot of siphoning of profits from the rest of the place.

 

[JimG.]

AZ Summer Get Together?
:beer:

Actually we SHOULD do a summer get together. Maybe a hike or mt ike or something.

I'm in.

Actually, if this place is ever actually opened I would be a regular there. Definitely get a season (yearly?) pass. With the Cabela's outlet there they would suck alot of money out of my wallet too.

And I doubt I would get bored either. Year round skiing has a nice ring to it.

 

[RootDKJ]

I'm in.

Actually, if this place is ever actually opened I would be a regular there. Definitely get a season (yearly?) pass. With the Cabela's outlet there they would suck alot of money out of my wallet too.

And I doubt I would get bored either. Year round skiing has a nice ring to it.

I'm with JimG on the season pass. I wouldn't even think twice about it.

 

[Dr Skimeister]

Misplaced priorities by our governor..

http://www.nytimes.com/2011/04/29/n...oject-in-nj.html?nl=todaysheadlines&emc=tha29

 

[andyzee]

Probably won't even get much for scrap material out of it...