American Dream (shopping mall)

American Dream

File:051410 meadowlandslogo.jpg
Location	East Rutherford, New Jersey, United States
Coordinates	40°48′43″N 74°04′09″W
Opening date	November 2010 (Projected)
Developer	Colony Capital
Owner	New Jersey Sports and Exposition Authority
Website	http://www.visitxanadu.com/

The Meadowlands (formerly known as "Xanadu Meadowlands" Meadowlands Xanadu or Xanadu Project) is a five-story retail and entertainment complex undergoing construction in the Meadowlands Sports Complex in East Rutherford, New Jersey, in the New York City metropolitan area. This complex was to have been completed in 2007, but the grand opening has been pushed back each year after 2007 until late 2010. Meadowlands will be the largest retail and entertainment complex in the United States and the third largest in the world, with 4,500,000 square feet (420,000 m²) of entertainment, sports, retail, office, and hotel space. The Xanadu Project will reside within the Meadowlands Sports Complex, using underutilized and existing parking areas. Additional parking will be provided through the addition of new parking decks. It will be accessible via the Meadowlands Rail Line.

Architecture

The Indoor ski slope at Xanadu Meadowlands

Xanadu seen from the Meadowlands Sheraton

The exterior of the Xanadu Meadowlands is a combination of aluminum composite and aluminum siding, of various colors including turquoise, red, yellow, and green. The north end of the building contains the indoor ski slope. Some politicians have criticized the building's appearance. Former New Jersey Governor Richard Codey was quoted in the New York Times as calling the structure "yucky-looking". In response to Codey's criticism, and that of other vocal New Jersey leaders, the New Jersey Sports and Exposition Authority (which owns the land that Xanadu sits on) has written in a letter to the developers that the NJSEA's Board of Directors has "widespread concerns with the current appearance" of Xanadu.

The mall is visible from the New Jersey Turnpike and New Jersey Route 3.

Main features

Xanadu Meadowlands under construction as seen from an airplane (April 19, 2008)

The project, based on Madrid Xanadú in Madrid, Spain, will be divided into five areas, called "districts":

Sports

A sports-themed district. Attractions include:

• Cabela's: A 160,000 sq ft (15,000 m²) hunting and outdoors store that will include waterfalls, a trophy display of wild animals, and indoor archery range.
• Snowdome: A 250,000 sq ft (23,000 m²) indoor ski/snowboard resort that will be open year round. It is the first indoor ski/snowboard resort in the U.S.
• SkyVenture: A skydiving simulator and Vertical wind tunnel.
• Bergen Ballpark: The Bergen Ballpark at the Meadowlands will be a 8,000-seat baseball-only stadium housing a minor league baseball team.
• Stores including Sports Authority and Adrenilania.

Entertainment

Xanadu Meadowlands seen from across the Hackensack River in Secaucus, NJ

An entertainment-themed district. Attractions include:

• AEG Live!: a 3,400 capacity live theater by Anschultz Entertainment Group that will hold concerts and other live performances. It will be "sister" to the Nokia Theatre in Times Square, NYC.
• The Movie Experience: An upscale 17-screen movie theater with IMAX and stadium style seating.
• Lucky Strike Lanes: An upscale bowling lounge that brings together bowling and entertainment, where visitors can bowl in a room with 1930s/1940s themed decoration while eating American cuisine in a restaurant and lounge.
• The Funplex: A 20,000 sq ft family entertainment center, with a 3,000 sq ft arcade and attractions including Lazer Tag, Bumper Cars, and a 4-D Theatre. The premiere attraction of the facility will be an immersive live-action role-playing game called Magiquest. There are also locations in East Hanover and Mt. Laurel, both located in New Jersey as well.
• WonderWorks: An interactive museum featuring over 100 exhibits. The exterior features a facade of an upside-down building. There are also locations in Orlando, Florida and Pigeon Forge, Tennessee.

Canceled:

• Digital Playground: Circuit City planned a new concept store with the feel of a consumer electronics trade show. Visitors would roam the expansive floor to explore, experience, and purchase next-generation consumer electronics and technology in a completely new, hands-on way.
• Muvico 26: Muvico Theaters planned to open a 26-screen, 6,500-seat, 160,000 sq ft (15,000 m²) movie theater. The theater was to include its own restaurant and bar, nine balcony auditoriums, a rooftop terrace featuring a 60-foot (18 m) outdoor screen, and an on-site helipad.
• Virgin Megastore

Youth Culture

A district which will include children's stores, interactive games, and play areas. The district's planned name was "Children's Education" until February 2008 when it was changed into "Youth Culture." Attractions include:

• Legoland Discovery Center: The largest discovery Center in the US.
• It's Sugar!: The largest specialty sweets store in the world, it will house a candy-themed bridge over a 30-foot (9.1 m) chocolate waterfall into a 36,000-square-foot (3,300 m²) city created out of sweets with a candy-themed elevated ride and candy museum. A location at the Pier at Caesars in Atlantic City is already open.
• Wannado City: An indoor role-playing amusement center. Billed as "where kids can do what they wannado," it is a child-sized representation of a metropolis where children aged 2–14 participate in different careers and other lifelike activities. Careers in which the children can participate include firefighter, police officer, lawyer, TV reporter, and actor.

Food & home

Xanadu Meadowlands and the Izod Center

A food & home district with restaurants include:

• Zeytinia: A gourmet food market with on-premise dining, Zeytinia's sells fresh perishable foods and chef-prepared meals, upscale brands, imported food, market stalls, tasting stations and pantry.
• Cooking Studio: An area where visitors can watch world-renowned chefs duel in competition in a cooking studio that will be featured on national TV.
• Culinary Arts Center: A state-of-the-art cooking school, theater-style demonstration area and themed ancillary retail located in the Food & Home District.
• Mitchell's Fish Market
• The Melting Pot
• Sofrito: A Puerto Rican/Caribbean restaurant by Jimmy Rodriguez.
• The Cheesecake Factory
• Benihana

Fashion

A fashion area will have most of the mall's stores, and an area for fashion shows. In the mall's site plans, there is room for a department/anchor store at this end of the mall.

Other features

Commercial Four 440,000-square-foot (41,000 m²) class A office buildings built over a six-story parking podium will be located next to the mall. However, construction of the office buildings is slated for the future and depends on favorable market conditions and the health of the general economy.

Accommodations A 520-room, twelve-story hotel will be located near the office buildings next to the mall.. However, this too is for future development and is also dependent on favorable market conditions and the health of the general economy

Pepsi Globe Announced on February 2008, the "Pepsi Globe" observation wheel will be constructed at the Xanadu facing the NJ Turnpike. At 287 ft (87 m) high, the 26 glass-capsule wheel will be the tallest Ferris wheel in North America. Pepsi will have a 10-year naming right with the wheel, with the attraction operated by Merlin Entertainments. Construction on the Pepsi Globe has been delayed another year due to construction interfering with the New Jersey Nets 2009-2010 season.

Concerns and controversy

Parking garage at Xanadu Meadowlands

From traffic concerns to environmental concerns, there are many who have opposed the idea of building a permanent shopping center within the Meadowlands Sports Complex. Xanadu is being built on state-owned land, and $81.3 million is being spent on transportation improvements. An investigation found that the proposed site contained "significant environmental contamination". The public cost of cleanup at the site currently stands at $2 million, and that amount could triple in time. Some have also called Xanadu a "colossal real estate nightmare" and "perhaps the worst retail failure ever".

The New York Giants proposed that Xanadu be closed on days when the NFL team had home games, as part of the deal to build a Meadowlands Stadium to replace Giants Stadium. The Giants then made an agreement with Xanadu to allow the complex to be open on game days, with the option to sue if traffic became a concern, an agreement which remains in effect now that the New Meadowlands Stadium will be co-owned with the New York Jets.

The project was originally developed by the Mills Corporation in partnership with Mack-Cali Realty Corporation, with financing by Kan Am. In May 2006, the U.S. Securities and Exchange Commission (SEC) announced it was formally investigating the Mills Corporation after the company announced that it was restating four years of earnings due to executive misconduct and accounting errors. Subsequently, the troubled developer sold their stake in Xanadu to private investment firm Colony Capital.

In 2006, an analyst at Banc of America Securities pushed Mills Corporation to drop the Xanadu project, citing significant cost overruns.

The Federal Aviation Administration has expressed concerns with the height of the proposed Ferris wheel (~330 ft) affecting local air traffic to and from Teterboro Airport. The height for the proposed Ferris wheel has since been reduced to 287 ft.

As the current construction on the exterior facade was built, there were several complaints from both officials and residents about its gaudy exterior of orange, blue and green panels that give it the appearance of stacked cargo shipping containers. Controversy has also developed over the Pepsi Globe's appearance and that it will obstruct nearby residents' views of New York City.

In May 2009, construction on Xanadu came to a halt after a subsidiary of bankrupt Lehman Brothers missed payments, causing other lenders to withdraw from the project, and lost $500 million worth of construction funding. Colony Capital is in talks with Stephen Ross, a billionaire who owns The Related Companies in Mannahatan, who could finish the Xanadu Project by the end of 2010, possibly with a new name and look.

In January 2010, a report prepared by governor Chris Christie's transition team said that Xanadu “appears to be a failed business model” and that New Jersey needs to tell the owners to “open or surrender the property.” The report also stated that “There is no leasing plan making material on-site progress. The physical activities of construction are at a standstill, if not abandonment. The construction loan is out of balance. There are no monies readily available to finish construction of public areas or tenant improvements. Most, if not all, of announced major tenants have an ‘escape clause’ solely dependent on leasing — or lack thereof.”

Construction progress

As of April 2008, the mall structure itself is complete, with the indoor ski slope finished and the controversial facade put up. The parking garages are open and complete, and have been for over a year. They can accommodate several thousand vehicles.

As of January 2009, 90% of the construction has been complete, with finishing touches being done on the interior.

In May 2009, developers stated the mall was 70% leased, but the opening has been delayed many times while retailers wait for the economy to recover. Around the same time, the future mall's website was relaunched with the new Xanadu Meadowlands name.

In August 2009, Cabela's, a major anchor, announced that it did not plan to open its Meadowlands Xanadu location until late 2010.

References

• [1]

External links

• Xanadu Meadowlands's official website
• $1.3B, 4.8MSF Xanadu Project Will Transform 'Swamps of Jersey'
• Meadowlands Xanadu Unveils First Wave of Major Tenants, Consumer Brands and Entertainment Experiences
• New York Times: Delay, Turmoil and High Costs Plague Meadowlands Projects