In the wake of those developments, Mills remains in good stead with the NJSEA, at least, having yesterday paid the final installment of $31 million toward the 15-year lease of the Xanadu site. Altogether, Mills has paid the state $160 million for the rights to the 104-acre site surrounding the Continental Airlines Arena, on which Xanadu is already rising. The payment by Mills beat the NJSEA-imposed deadline of March 31 by nine days.
"It is an indication of Mills Corp. being a good partner with us," NJSEA president and CEO George Zoffinger says in a prepared statement. "We are proceeding along with the project. They continue to meet all their obligations."
Mills is joint-venturing the $1.3-billion Meadowlands Xanadu with the Cranford, NJ-based Mack-Cali Realty Corp. At build-out the project will amount to 4.8 million sf of retail, entertainment and recreational uses, including an indoor ski resort. Negotiations are ongoing regarding a possible minor league baseball stadium.
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