Xanadu Opening Delayed ... Again

Lender default causing delay in NJ retail complex

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    NEWSLETTERS

    njsea.com
    New Jersey Sports and Exposition Authority Chairman Carl Goldberg

    The opening of the long-delayed Xanadu retail and entertainment complex in New Jersey's Meadowlands may be pushed back again.
        

    The $2 billion center originally was supposed to open last fall.  
    More recently, an August 2009 opening was envisioned.
        
    Now, a spokesman for Meadowlands Xanadu says contractors have been asked to adjust their schedules to open later, though a date was not specified.
        
    Spokesman Tim White said Friday the delay is due to a default by lender Xanadu Mezz Holdings, an affiliate of Lehman Brothers. He says Meadowlands Xanadu is currently talking with other lenders.
        
    White says there is no work stoppage at the site.
        
    Xanadu is to feature shops, an indoor snow dome, movie complex, bowling alley and restaurants.