Search
 

Meadowlands Ground Lease Propels Project

EAST RUTHERFORD, NJ-The Giants and the Jets have the land in hand for their new $1.2-billion shared stadium.

By Sean Ryan | Updated on December 21, 2006

EAST RUTHERFORD, NJ-The ground lease for the land that will hold the new Giants/Jets stadium was approved by the New Jersey Sports and Exposition Authority, in a 14-to-2 vote. “The approval of this agreement represents the culmination of more than two years of hard work by us,” says a spokesperson for the New Meadowlands Stadium Corp.

The Giants and Jets will share the new $1.2-billion, 81,000-seat stadium, which will be built to the northeast of the current Giants stadium. The stadium recently got a $300-million loan from the National Football League for construction. The NFL grants up to $150 million in funding for new stadiums, but gave $300 million since the stadium being built is for two teams.

Construction will be under way at the same time as construction for the adjacent Xanadu mixed-use complex.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.