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NJSEA board gives Xanadu approval to get started
The developers of the $1.3-billion Xanadu office and entertainment complex were given permission by the state on Wednesday to begin construction at the Meadowlands site.
At its monthly meeting, the New Jersey Sports and Exposition Authority board gave The Mills Corp. of Virginia and Cranford-based Mack-Cali Realty the OK to start phase one of the project, construction of a parking garage and work on a landfill.
The parking garage will be built on what is now a parking lot south of the Continental Airlines Arena. The landfill is east of the arena, which is currently the home of the New Jersey Devils of the NHL and New Jersey Nets of the NBA. There is almost certain to be legal action to prevent the work in the 400-acre sports complex.
Secaucus-based Hartz Mountain Industries already has filed suit, challenging the selection process that made Mills and Mack-Cali joint developers of the project.
Under terms of their lease, the sports authority sent letters to the Devils, Nets and the authority's two NFL tenants at Giants Stadium, the Giants and Jets, informing them of the Xanadu construction approval.
The Giants, whose efforts to reach an agreement with the state to build a new $750-million new stadium have stalled, probably aren't too upset with the board's vote, however.
Under terms of their lease, they believe the new construction will allow them to exercise an option and take 10 years off their current lease, which expires in 2026.
The Giants, who have exclusive rights to the sports complex on game days, have insisted that Xanadu not be allowed to open on game days, fearing the added traffic will create gridlock for fans going to the football games.
The Jets are trying to negotiate a deal to build a new stadium in New York City. The Nets plan to build an arena and move to Brooklyn, N.Y., for the 2008–09 season, and the Devils are hoping to build their own arena in Newark for the 2007–2008 season.
The Xanadu development will include sports-themed theaters, bars, activities, restaurants, and retail outlets to be built around the arena.
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