The agreement comes in the wake of a New Jersey DOT report that pegs the total cost of such improvements at $71 million. Besides the $15.25 that Mills and Mack-Cali will pay, the rest of the funding will come from DOT ($21.5 million); the NJ Sports & Exposition Authority, which owns the arena and the development site ($3.25 million); and the NJ Turnpike Authority ($31 million).
"This is a significant announcement that bodes well for Xanadu," says NJ DOT commissioner Jack Lettiere. "This additional funding is necessary to mitigate the impact on surrounding roads by the proposed development."
The roadways involved all criss-cross the Meadowlands region, including Routes 17 and 3, Paterson Plank Rd., Murray Hill Blvd. and Gotham Parkway. The NJ Turnpike's involvement is the super-highway's 16W interchange with Route 3. Actual work is expected to start in 2007 at about the time the first phase of Meadowlands Xanadu will be completed, and will be finished by 2009. Full build-out of Meadowlands Xanadu is expected by 2012.
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