xanadu mall
The commenter continued, “My ex-husband flew in from Florida and said, ‘That mall can be seen from space.’ [1]
As of April 2008, the mall structure itself is complete, with the indoor ski slope finished and the controversial facade put up. [2]
Xanadu, one of the largest commercial real estate projects in the country, was a testament to real estate excess even when times were good. [3]
“Whatever you learned today, I hope you learned that this is not remotely akin to a mall,” Goldberg said. [4]
The Xanadu entertainment and shopping complex under construction in the Meadowlands promises plenty of thrills for the adventurous, including indoor skydiving, skiing and surfing. [5]
Yes, that thing is a mall called Xanadu, located in East Rutherford. [1]
The Meadowlands Xanadu (also known as the Xanadu Project) is a 5-story retail and entertainment complex undergoing construction in the Meadowlands Sports Complex in East Rutherford, New Jersey, USA. [2]
About 150,000 stores are expected to close in 2009, representing close to 14% of all retail outlets nationwide, according to the International Council of Shopping Centers. [6]
Rising out of former swampland in New Jersey, just across the Hudson River from Manhattan, is a sprawling orange-and-blue complex that developer Larry Siegel calls his crown jewel. [3]
The design looks a hell of a lot like Lego construction, which is what is coming to Xanadu anyway (kids will be invited to build the biggest traffic jam on Rte. [7]
Now, Siegel’s $2.2 billion project is slated to open this summer amid what’s likely to be the worst retail environment in half a century. [8]
Retail expert Burt Flickinger III, managing director of Strategic Resources Group, projects that 2,000 to 3,000 shopping malls and centers nationwide could go under this year. [1]
Mall owners are dealing with a particularly toxic combination of falling sales, overbuilding, and massive loans that are fast coming due, plus the specter of a growing number of barely solvent tenants. [8]
Siegel promised to deliver a mall that would contain the Western Hemisphere’s first indoor ski hill, America’s tallest Ferris wheel, a two-story chocolate waterfall, and a 36,000-square-foot “city” made of candy-not to mention more than 200 stores. [6]
But this massive project, the most expensive shopping mall ever built in the U.S., has a more serious problem than its tacky exterior: the doors will open smack in the middle of the worst recession since the Great Depression. [1]
Sources:
[1] The Last Shopping Mall? New Jersey Awaits Xanadu - TIME
[2] Meadowlands Xanadu - Wikipedia, the free encyclopedia
[3] Xanadu: Can This Mall Make It?: Financial News - Yahoo! Finance
[4] NorthJersey.com: Sorry, Xanadu, you’re a mall
[5] NorthJersey.com: Filling Xanadu mall will be tough
[6] Xanadu: Can This Mall Make It? - BusinessWeek
[7] Xanadu Redu? (Baristanet)
[8] Xanadu: Can This Mall Make It?