Xanadu Becomes the American Dream

(Images above from Triple Five)

(Image showing current state of project via Bing Maps)

Xanadu, the long stalled mega mixed-use development in the Meadowlands has been revived and will start construction in the coming months.  The project was originally envisioned by the now defunct Mills Corp, which ran into financial challenges during the economic collapse.  The property then passed to Colony Capital where they also were challenged with keeping the project afloat.  The project sat dormant for several years until a deal was struck last year with TripleFive, the owner of the Mall of America and the West Edmonton Mall in Canada.

Renamed American Dream as part of Triple Five’s new vision of the property, the complex will be a mix of retail and entertainment with attractions including an indoor ski hill (first in North America) that will also have a professional ski school, extreme snowboarding park and snow 365 days per year.  Other attractions include a glass-domed indoor amusement park, water park with surfing, state-of-the-art movie complex, live music and performing arts theater, 200 foot diameter enclosed capsule observation wheel, indoor skating rink, bowling alley and aquarium, miniature golf course, children’s museum, daycare facilities, and dozens of eating options including international gourmet cuisine.

The project is one of the largest in the country with over 1.7 million sf of retail, 1.1 million sf of attractions and 150,000 sf of restaurants.  Future plans call for the complex to eventually hit 7.5 million sf, which will make it the largest shopping and entertainment complex in the world.  The project, expected to cost over $3.7 billion has projections of 55 million annual visits.

This will be a shot in the arm for New Jersey where a projected 8,900 jobs will be required to finish the construction and 35,000 permanent jobs once the project is open in time for the 2014 Super Bowl being played in the New Meadowlands Stadium.

Although it pales in comparison in terms of size, St. Louis’ vision for Ballpark Village as proposed by The Cordish Companies is similar to some extent.  Both will be exciting to keep track of.

Here is a video announcing Triple Five’s involvement from NorthJersey.com:

And here is some further reading:
Wall Street Journal:  Xanadu Site Moves Forward


nj.com:  Under New Owner,Xanadu to get Major Makeover, Name Change