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Done Deal: Development Agreement Signed for $1B Xanadu

EAST RUTHERFORD, NJ-Mills/Mack-Cali's ambitious 4.8-million-sf entertainment/recreation/office project, with an infusion of cash from Kan Am, will start construction as soon as permits are in place, according to officials.

By Eric Peterson | Updated on December 03, 2003

EAST RUTHERFORD, NJ-The New Jersey Sports and Exposition Authority, a state agency, has formally signed a development agreement with partners Mills Corp. of Arlington, VA and Cranford, NJ-based Mack-Cali Realty Corp. for Meadowlands Xanadu, a $1.3-billion, 4.76-million-sf mega project surrounding the Continental Airlines Arena here. The 106-acre site is part of the larger Meadowlands Sports Complex, which includes Giants Stadium and the Meadowlands Racetrack.

The signing had been expected–Mills and Mack-Cali won the redevelopment project in a competitive bidding process earlier this year, beating out finalists Hartz Mountain Industries and Westfield. One possible hitch is that legal action over the selection process, initiated by Hartz, is still pending.

Unlike the other finalists, the Mills/Mack-Cali project will retain the Continental Airlines Arena, home to the NBA Nets and NHL Devils, at least for now. The development partners say they are keeping their options open on the 20,000-seat venue, and its ultimate fate could rest with the possible sale and/or relocation of the two teams, as well as a potential replacement arena in downtown Newark (see earlier stories).

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