Sean Ryan is associate editor of Real Estate New Jersey
EAST RUTHERFORD, NJ-The New York Giants have reached an agreement with the developers of the upcoming Xanadu retail complex about sharing the Meadowlands. "We are committed to moving forward with the planned, 100% privately-financing project that would result in the development and operation of a world-class sports and entertainment complex at the Meadowlands," says John Mara, COO of the Giants.
The Giants had filed suit to force the Xanadu complex to close on game days. The outcome of this dispute was not clear at deadline, aside from the two sides coming to some manner of agreement. "We believe that Meadowlands Xanadu will enhance the experience of all visitors to the Meadowlands Sports Complex," says Laurence Siegel, chairman and CEO of the Mills Corp., co-developer of Xanadu.
Details of the new $800-million stadium proposal, designed by Ewing Cole of Philadelphia in conjunction with Hammes Co. Sports Development Inc., were announced last week. All of the luxury boxes are drafted on one side of the field and the practice facilities are adjacent to the stadium. Current plans also have the stadium be "roof ready," as the state and NJSEA have requested, so the stadium could be domed at a future date. This would open the stadium to year-round events like Super Bowls, political conventions and possibly emergency shelter. The earliest move-in date would be the 2009 football season, although Mara admitted that might be over-ambitious.
"Our master plan complements and builds upon the vision of the NJSEA [New Jersey Sports and Exposition Authority] for the overall complex through the development," says Giants executive vice president Steve Tisch. "We now are going to devote our efforts to working with the New York Jets to bring them in as our partner in the new stadium project." Mara says. The mock-up artwork for the site feature players in both Giants and Jets colors.
This comes close on the heels of a 10-day extension the NJSEA gave the Giants on Friday to hash out an agreement with the Jets over sharing the stadium. The Jets want luxury boxes in a more traditional arrangement along the mezzanine and training facilities to be off-site behind the Meadowlands Racetrack. The Jets, coming off of a failed attempt to build a stadium over the rail yards on the West Side of Manhattan, have also been looking at Queens as a possible place for its own stadium.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
