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  1. #1

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    Xanadu complex gets the go-ahead

    Thursday, December 04, 2003

    By Matthew Futterman
    Newhouse News Service

    The New Jersey Sports and Exposition Authority yesterday overwhelmingly approved a plan to build a $1.3 billion entertainment and retail center at the Meadowlands Sports Complex. The move clears the way for the transformation of one of the state's most recognized landmarks.

    The agreement with Virginia-based Mills Corp. and its partner, Mack-Cali Realty of Cranford, will bring North America its first indoor ski mountain, northern New Jersey another regional mall, and Bergen County a minor league ball park.

    Critics say the 4 million square-foot development will ultimately choke traffic in an already clogged region, will produce a $200 million windfall for the sports authority and create a new identity for the 27-year-old sports complex.

    "This is a landmark day for the sports authority," said Carl Goldberg, the agency's chairman, after the 11-2 vote. "We think it really defines an entirely new land use concept."

    The development at the 104-acre Continental Airlines Arena site would become one of the signature achievements of Gov. James E. McGreevey's first-term, which has been dominated by ethics scandals and battles over the budget.

    "It's one of the most important pieces of property and to not keep up with the times and use it would not have been right," said Joseph Buckelew, a leading Republican and a sports authority commissioner. "I never thought we would get to this point."

    Developers plan to break ground in the spring. Just two obstacles now stand in the way of a project that many predicted would never be built.

    The New Jersey Meadowlands Commission must approve the project after an environmental hearing that will like take place early next year.

    Also, the sports authority must prevail in a lawsuit filed by rival developer Hartz Mountain Industries alleging the agency violated its charter and the state's open public meetings law when it awarded Mills/Mack-Cali the right to build on its property. However, the momentum Xanadu has generated now appears nearly insurmountable, and Hartz President Emanuel Stern declined comment yesterday.

    The future of the Continental Airlines Arena itself won't be known until investors in the Nets and Devils decide whether to sell the teams. If they do, and the new owners want to stay, the arena will likely be renovated and connected to Xanadu. If the teams move, the arena may be demolished.

    Regardless, critics of Xanadu, led by the dissenting commissioners, former chairman Raymond Bateman and financial consultant Candace Straight, said pursuing a project the size of Xanadu was a major mistake.

    Bateman said Xanadu will create a "traffic nightmare" every day in an area where bumper-to-bumper traffic jams the New Jersey Turnpike and Route 3 every rush hour.

    Competition from Xanadu will certainly be substantial. The project includes: 600,000 square feet of retail space; 1.7 million square feet of for entertainment, such as movie theaters, restaurants, an extreme sports park and a surfing pool with man-made waves. The plans also call for the construction of four office towers, a 500-room hotel and conference center; and 12,500 parking spaces in garages.

  2. #2

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    April 28, 2004

    Meadowlands Bid Process Is Challenged in State Court

    By RONALD SMOTHERS

    HACKENSACK, N.J., April 27 - Groups challenging a $1.3 billion redevelopment of the Continental Arena site charged in a state appellate court on Tuesday that state officials improperly ignored their own bid specifications by picking the only proposal that left the arena intact.

    The appellate panel is being asked by Hartz Mountain Industries and Westfield Group - two of the unsuccessful bidders - a taxpayer group and at least one Bergen County municipality to invalidate the bidding as unfair and in violation of state law.

    Five of the six groups that bid to redevelop the 106-acre Meadowlands site submitted plans that called for demolishing or radically altering the Continental Arena based on specifications from the New Jersey Sports and Exposition Authority. The specifications required that any reuse of the building had to respect the "anticipated noncompete agreement'' with a planned Newark arena.

    The entire approach, said Justin P. Walder, one of the lawyers for Hartz Mountain, was predicated on the demolition of the Continental Arena.

    However, the successful bidder, Meadowlands Xanadu, a sports and family entertainment project of the Mills Corporation and Mack-Cali Realty Corporation, was the only one that left the arena untouched in its proposal.

    "There was unequal footing," Mr. Walder said.

    Michael Cole, the lawyer for the Meadowlands Xanadu partnership, said that just before the bid specifications were issued in 2002, the authority sent an addendum that indicated that the Newark arena's fate was no longer a crucial element.

    After 90 minutes of oral arguments Tuesday, the judges reserved decision.

    Copyright 2004 The New York Times Company

  3. #3

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    May 15, 2004

    Suit Over Meadowlands Bids Yields Mixed Ruling

    By RONALD SMOTHERS

    NEWARK, MAY 14 - A state appellate panel ruled on Friday that the New Jersey Sports and Exposition Authority was within its rights in awarding a $1.4 billion contract to develop a huge entertainment complex at the Continental Arena site at the Meadowlands.

    But the court also said that the authority may have improperly withheld documents from unsuccessful bidders who are challenging the bidding process.

    The panel said that a Superior Court judge must review the documents and, if new information is found, losing bidders should get another chance to challenge the process. The contract to develop the project at the 104-acre site was awarded to the Mack-Cali Realty Corporation, in partnership with the Mills Corporation. Their proposal, unlike the other bids, left the Continental Arena untouched.

    Other bidders said they believed that the arena's demolition was required to meet bid specifications, and sued on those and other grounds.

    The panel said that the authority had properly left details of the development to the imagination of the bidders, including whether to incorporate the arena into their plans.

    The plan's retail component was also in line with the bid specifications, the court ruled. One challenger, a mall operator, said the project was essentially a mall and not a family entertainment venue.

    The losing bidders had asked for a variety of documents related to the process from the authority, but the panel did not spell out exactly what documents had been withheld.

    Both sides in the dispute claimed a measure of victory in the ruling.

    Mitchell Hersh, president and chief executive officer of Mack-Cali, said the ruling validated "the integrity of the process."

    James F. Dausch, president of the development division of the Mills Corporation, said the ruling means work can begin this summer.

    But a spokesman for Hartz Mountain Industries, one of the plaintiffs, said the ruling provided a second chance to losing bidders. It allows the company to "establish that the selection and process was flawed," said Ron Simoncini, the spokesman.

    Within 15 days of the Superior Court judge's review of the documents sought by the losing bidders, the panel ruled, the authority must hold a hearing on their challenge to the bidding process.

    Copyright 2004 The New York Times Company

  4. #4

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    November 19, 2004

    Codey's Plans Leave Project in Meadows in Doubt

    By LAURA MANSNERUS and JOSH BENSON

    TRENTON, Nov. 18 - Acting Gov. Richard J. Codey's plan to revitalize the sports complex in the New Jersey Meadowlands has raised questions about the future of the huge shopping and entertainment development that former Gov. James E. McGreevey's administration approved for the site.

    The $1.3 billion development project, called Meadowlands Xanadu, has been under attack by environmentalists and local opponents who contend that it will be little more than a big shopping mall. The main developer, which has promoted similar projects around the nation as "shoppertainment," won approval for the project from the New Jersey Sports and Exposition Authority earlier this fall.

    The project has significant support from important political figures, including United States Representative Robert Menendez and former State Senator John Lynch. At the groundbreaking Oct. 5, Mr. McGreevey spoke effusively about the entertainment and shopping "destination" that he said would bring crowds back to the site of the sagging sports complex.

    But while Mr. McGreevey wanted the state to get out of the sports business, Mr. Codey wants to resuscitate it, using state money if necessary. Mr. Codey, who became acting governor on Tuesday, has asked the chairman of the sports authority, Carl Goldberg, to review the plan for the sports complex site. Mr. Codey "wants to be thoroughly debriefed within the next couple weeks," Mr. Goldberg said.

    As for the Xanadu development team, the Mills Corporation and the Mack-Cali Realty Corporation, Mr. Goldberg said: "There are significant agreements in place, but that doesn't mean the land plan can't be refined going forward. If we have to go back to Mills and Mack-Cali and request some modifications to their land plan in order to accommodate what Governor Codey wants over the years, we will."

    The sports complex includes Giants Stadium, where the New York Giants, the New York Jets and the MetroStars soccer team play, the Meadowlands Racetrack and the Continental Airlines Arena, shared by the New Jersey Nets and the New Jersey Devils. Of the five sports teams, four have proposed new homes: the Jets in a stadium on the West Side of Manhattan, the Nets in Brooklyn, the Devils in an arena in Newark and the MetroStars in Harrison, N.J.

    What the sports-friendly Mr. Codey wants is a new stadium for the Giants, a separate arena for the MetroStars and video slot machines at the racetrack. He also wants to keep the Jets and the Nets. But some sports industry experts and environmental advocates say that the 400-acre site cannot accommodate all that and Xanadu, with 5 million square feet of retail, entertainment and office space.

    The state chapter of the Sierra Club has sued the sports authority over Xanadu, arguing that the state failed to conduct the required environmental impact studies. Jeff Tittel, the club president, said the project would bring 100,000 to 125,000 additional cars a day. If the sports complex is expanded as well, he said, "it's going to burst at the seams."

    Michael Rowe, a sports industry consultant who is advising Mr. Codey on the sports complex, said, "I think everything is in play."

    "To say we want to de-emphasize sports and look at making it a retail-entertainment-office-housing-sports complex, I believe he has earned the right to double-check whether that's the solution to what the Meadowlands needs to be in the 2000's," Mr. Rowe said.

    Still, the site preparation for Xanadu is under way and the developers need just one more approval, from the Army Corps of Engineers.

    "We've got our state permits and a contract with the state, and are looking forward to building this project," said Robert Sommer, a spokesman for Mills and Mack-Cali. "The new governor has lot of exciting proposals that would potentially enhance Meadowlands Xanadu."

    George Zoffinger, the sports authority president, also says the projects are compatible. "We feel pretty strongly that the Xanadu project works well with the site," Mr. Zoffinger said. "It's going to take planning. It's going to take creativity. But I'm very pleased that the governor realized we have real opportunities here."

    Officials of at least some of the teams now at the Meadowlands are not so sure. The Giants, Jets and Devils all sent letters in recent weeks to the sports authority expressing concerns over how Xanadu would affect parking and traffic for their fans. The parking is a special concern to the football teams because garage parking is slower to empty out than surface parking, and makes tailgating all but impossible.

    The Giants have been negotiating with the sports authority for several years, reaching an agreement last year for a $375 million renovation of the 28-year-old stadium when what the team really wanted was a new stadium. While Mr. Zoffinger has a history of friction with the team management, Mr. Codey's statement last week that he favored a new stadium clearly encouraged the Giants.

    "I think that Richard Codey has expressed to us that he wants to make a deal with us, and we're very optimistic that we will be able to accomplish that," said John Mara, the Giants' executive vice president and chief operating officer.

    Mr. Mara said his team was conducting its own review of Xanadu's effects. "We're working with them to make sure it's possible to coexist," he said. "I'm not sure that it is, but we're keeping an open mind."

    Lou Lamoriello, the Devils' chief executive and general manager, said, "It's about how our fans will be affected when they come to the game, whether it has to do with parking, or egress or entrance."

    Mr. Lamoriello continued, "From what I can tell, none of the teams have been satisfied to the point where they're comfortable."

    Mr. Codey, while declining to discuss the Xanadu project, said in an interview that he was committed to improving relations with the teams. If the Jets, Nets and Devils leave, Mr. Codey said, "that leaves what is now an old football stadium but a good one, and a racetrack that like all other racetracks every year loses attendance."

    He said he wanted to keep the complex's position as the premier sports center in the New York region. "It should still be a mecca for sports," not a center in decline, he said. Mr. Codey also voiced doubts about New York's succeeding in luring the Nets and Jets, despite Mayor Michael R. Bloomberg's fervent campaigning. "There's only so much Bloomberg can spend on sports teams," he said.

    The courting of sports teams is also an issue with New Jersey voters, however. Polls have shown that most supported Mr. McGreevey's refusal to spend any state money on the teams, and efforts to build an arena in Newark, which is to be financed by the Devils and the city, have barely moved in three years.

    But Mr. Rowe said polls also showed that New Jersey residents are enthusiastic about the sports complex. "When New Jerseyans were polled in the 1980's about what they were most proud of in New Jersey, they listed the Meadowlands as the top thing," he said. "They were proud for the Meadowlands to be hosting in excess of seven or eight million people a year, and to have five professional sports teams."

    Copyright 2004 The New York Times Company

  5. #5

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    November 20, 2004

    Project in Meadowlands Wins Backing of the Acting Governor

    By LAURA MANSNERUS

    Acting Gov. Richard J. Codey expressed his support yesterday for the Meadowlands Xanadu project, saying the plans for the large shopping and entertainment complex were consistent with his vision for the neighboring Meadowlands Sports Complex.

    Mr. Codey has asked the chairman of the New Jersey Sports and Exposition Authority to review the plan for the sports complex, where he wants a new stadium for the New York Giants and a new soccer arena. Mr. Codey also supports video slot machines at the racetrack to reverse years of declining attendance.

    Xanadu, a $1.3 billion development, with 5 million square feet of retail, entertainment and office space, broke ground on Oct. 5.

    Yesterday, after The New York Times reported that Mr. Codey had asked Carl J. Goldberg, chairman of the sports authority, to conduct a review of the overall plan and report to him within a few weeks, the acting governor issued a statement through the sports authority, saying he supported the Xanadu project.

    "He looks forward to working with the developers of the Xanadu project to assure that his goals, that of the Meadowlands developers, the franchise tenants and the people of the State of New Jersey are met,'' the statement said.

    Mr. Codey had expressed interest in looking anew at the Meadowlands site before, telling The Star-Ledger of Newark earlier this month: "If we don't do anything, what does the place become? Is it just a dying football stadium, a racetrack and a place for shopping? I don't think that's right."

    Yesterday, he attended the sports authority's meeting and asked the board to try to keep the Jets and the Nets at the Meadowlands, Mr. Goldberg told The Associated Press. The teams are planning moves to New York.

    "What he has said is let's take a step back and look at what we're doing here and make sure we can do it all," Mr. Goldberg said.

    Copyright 2004 The New York Times Company

  6. #6

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    May 25, 2006
    Delays and Higher Costs Expected for Xanadu
    By DAVID KOCIENIEWSKI and LAURA MANSNERUS

    TRENTON, May 24 — The developer building the sprawling Xanadu shopping and entertainment complex at the Meadowlands has acknowledged that the project will take longer, cost more and earn less money than originally projected, according to documents filed with the Securities and Exchange Commission.

    That disclosure — which comes as the developer, the Mills Corporation, is being pressured by lenders who want to force a sale of the company or its most important assets — rekindled fears on Wednesday that New Jersey may be spending hundreds of millions in tax dollars to provide infrastructure improvements for what could turn out to be little more than a shopping mall.

    But Mills executives and state officials say that there are no plans to curtail construction of the elaborate assortment of entertainment and extreme sports facilities intended to make the complex as much of a tourist destination as a shopping center.

    Mills, based in Arlington, Va., won the right to develop the coveted 104-acre site in East Rutherford by proposing an ambitious complex: retail stores surrounded by a hotel, office space and an assortment of indoor recreational facilities like a trout stream, a surfing wave and a ski slope.

    Construction began in 2004, but in recent months Mills has faced an assortment of financial and legal problems, including shareholder lawsuits, an investigation by the S.E.C. and demands from creditors that the company be sold. As the price of the stock dropped — in eight months, Mills fell to below $27 a share from higher than $66 a share, closing on Wednesday at $30.70 — the company fired top executives, slashed its work force and abandoned 10 other projects.

    In its filing with the S.E.C., the company said that Xanadu's opening would be delayed six months to a year beyond the recently announced date of the fall of 2007, and its cost would be higher than anticipated.

    David Douglass, a spokesman for the company, said Mills remained committed to building the snow dome and other entertainment parts of the project, though the company had previously said that plans for a mile-long roller coaster and go-cart track had been abandoned.

    Carl J. Goldberg, chairman of the New Jersey Sports and Exhibition Authority, said he had been assured that Mills has no intention of trying to renege on its commitment to build the more distinctive but less profitable recreational parts of Xanadu.

    "There's been no conversation whatsoever that they have any intent to in any way materially change the scope of the project from the approved plan," Mr. Goldberg said.

    Mills officials declined to provide an estimate of the expected cost overruns for Xanadu, which was originally projected at $1.2 billion. But Rich Moore, a financial analyst for RBC Capital, said that despite its recent problems, he upgraded his assessment of Mills because the company's record had convinced him that Xanadu would be built as planned.

    The Xanadu project dates to the administration of Gov. James E. McGreevey. As part of the deal with Mills, the state promised utilities and road improvements, a new rail spur to the sports complex, tax exemptions, economic development grants and more, at a cost that could reach $1 billion.

    Robert Sommer, a spokesman for the Xanadu project, said that Mills had already invested hundreds of millions of dollars, including $160 million in rent paid to the state, and intends to see it completed as planned.

    Copyright 2006 The New York Times Company

  7. #7

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    Maybe the Nets will be coming to Newark after all With all the problems Ratner is having in BK and the now Xanadu it seems like a good shot now.

  8. #8
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    GlobeSt.com

    UPDATE Last updated: July 14, 2006 01:28pm

    Mills Seeking Xanadu ‘White Knight’

    By Eric Peterson

    EAST RUTHERFORD, NJ-The chosen developer for has signed just three retail tenants for its massive Xanadu retail/entertainment project and uncertainty abounds, so officials of the New Jersey Sports & Exposition Authority, the state agency that owns the site in the Meadowlands, this week called in officials of the Arlington, VA-based Mills Corp. to explain.
    According to published reports, NJSEA chairman Carl Goldberg and CEO George Zoffinger sat down this week with chairman Laurence Siegel and COO Mark Ordan of the troubled Mills for a meeting that lasted several hours.

    According to reports, what came out of that meeting was Mills’ stated intention to find a buyer for a major portion of its stake in the project, with the aim being a cash infusion to get the $1.5 billion project completed. A Mills spokesman confirmed the details of the meeting but declined further comment. Officials of the NJSEA could not be reached for comment.

    For Mills, which already has the Cranford, NJ-based Mack-Cali Realty Corp. as a partner in Xanadu, with financial backing from the German fund KanAm, the obvious problem is cash flow. The loan route has dried up, according to sources, because Mills signed just the three retail leases for the massive project, and therefore has very little to work with as collateral. In the meeting, according to reports, Siegel and Ordan told NJSEA officials that they’re close to signing some 800,000 sf of retail leases—the project will total some two million sf. To date has signed deals only the Cabela’s sporting goods chain, Children’s Place and Muvico, the latter for a multiplex cinema. Mills has also yet to line up operators for the project’s recreational features, including a proposed indoor ski mountain.

    The alternative, Siegel and Ordan told NJSEA officials this week, will be for Mills to find a buyer for a major portion of its stake in the project that’s said to be costing the company upwards of $10 million a week at this early-construction stage.

    Copyright © 2006 ALM Properties, Inc.

  9. #9

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    The developer building the sprawling Xanadu shopping and entertainment complex at the Meadowlands has acknowledged that the project will take longer, cost more and earn less money than originally projected...

    That disclosure...rekindled fears on Wednesday that New Jersey may be spending hundreds of millions in tax dollars to provide infrastructure improvements for what could turn out to be little more than a shopping mall.

    But Mills executives and state officials say that there are no plans to curtail construction of the elaborate assortment of entertainment and extreme sports facilities intended to make the complex as much of a tourist destination as a shopping center.

    Mills...won the right to develop the coveted 104-acre site in East Rutherford by proposing an ambitious complex: retail stores surrounded by a hotel, office space and an assortment of indoor recreational facilities like a trout stream, a surfing wave and a ski slope.
    Ambitious complex?? More like a collection of stupid ideas.

    How could anyone have gone for this tepid pile of crap to begin with? And with public funds?

    Some people are just dumb.

  10. #10
    Chief Antagonist Ninjahedge's Avatar
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    KEEP IT SIMPLE!!!!

    A trout stream is dumb and kitchy. A ski slope is equally unfeasable. Things liek a driving range, bowling alley and other recreational facilities might be more useful (something liek Chelsea Piers) than a bunch of space-stealing eye catchers that will be a beast to maintain.

    Hell, a small lake in the main foyer would look nicer and be more pleasing than having a fake trout stream running by your Paragon Sporting Goods store.

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    GlobeSt.com

    Last updated: August 11, 2006 11:17am

    Meadowlands Xanadu Costs Rise

    By Ian Ritter

    EAST RUTHERFORD, NJ-Troubled retail-REIT Mills Corp. has filed a document with the SEC stating that its Meadowlands Xanadu project here will cost $2 billion to construct, $500 million more than it had previously reported. The company, which has been exploring a sale after heavy losses and accounting flaws, had announced last month that it was looking for a joint-venture partner on the two-million-sf retail-entertainment project.

    Mills has not obtained construction financing for Meadowlands Xanadu, and management says the funds are not likely to come in unless it is able to execute “significant remaining leasing activity,” according to the filing. Last month Mills management told the New Jersey Sports & Exposition Authority, the agency that owns the site, that it were close to signing 800,000 sf of leases for the project.

    If financing for the project is not obtained, Mills is required to provide the financing itself, which could lead to a write down on the development. So far, Mills has spent $380 million on Meadowlands Xanadu.

    “In our view, Mills should cease construction at the Meadowlands and write off the equity,” says a Bank Of America analyst report, which assumes that the firm will take a write off on the full $380 million they have spent so far. The best-case scenario would be for Mills to find a buyer for the development, the report says, but given rising construction costs in the industry, “Mills would need to give away its investment for the project to make sense economically to a potential buyer.”

    If that situation doesn’t work, Bank of America says that Mills would have to seek recapitalization in order to pay a $2.2-billion long-term loan it previously received from Goldman Sachs that is due by the end of the year. That could lead to an investor eventually coming in and taking control of the entire firm, the report says.

    In June, Mills, the owner of 42 centers in North America and Europe, announced that it had received “interest from a variety of parties” in acquiring the company. Most recently management said that it has started work on the construction of the 265,000-sf retail portion of 108 North State St., a mixed-use development in Chicago.

    Copyright © 2006 ALM Properties, Inc.

  12. #12
    Chief Antagonist Ninjahedge's Avatar
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    Looks like they missed the window.

    Maybe they should build condos...

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    From NJ.com

    Colony Capital to take over Xanadu project

    The troubled Mills Corp. announced this morning that Colony Capital has invested $500 million in Xanadu, the massive retails and entertainment complex at the Meadowlands, according to three people involved with the discussions.
    In an announcement released this morning just after the start of trading, Mills portrayed the investment by Colony as nothing short of a takeover of the Xanadu project.

    According to the letter of intent signed by Mills, Colony, and the German investment fund KanAm, Colony will take over all the obligations to complete Xanadu, the $2 billion project at the sports complex that is expected to include North america's first indoor ski mountain, a minor league ballpark and dozens of high-end shops and restaurants.

    "Our transaction with Kan Am and Colony would allow The Mills to achieve its goals of reducing the Company's financial obligations and facilitating our exploration of strategic alternatives," said Larry Siegel, Chairman and Chief Executive Officer of The Mills. "Colony is an experienced and well respected real estate investor and its participation attests to the potential long-term economic benefits of the Meadowlands Xanadu development. This transaction, when completed, will enable the realization of Meadowlands Xanadu for the people of New Jersey and the metropolitan area."

    The investment by Colony is a major victory for Mills, whose stock price has plummetted in recent days as investors lost confidence in a company that had to reduce its earnings by some $200 million and warned Wall street analysts that its overall value would drop by some $300 million.

    Mills executives have worked virtually non-stop the past week to iron out the agreement with Colony, a Los Angeles-based private equity firm led by Tom Barrick.

    Colony President Richard Saltzman said Colony is committed to "the completion and success of this landmark entertainment and retail development project."

    Mills will be a minority investor in Xanadu, having invested $485 million. Colony will provide $500 million and secure additional construction financing. Kan Am will spend $342 million. Mack-Cali Realty Corporation has invested an additional $32.5 million in the Project through a separate partnership. Mills said it is unlikely the company will recoup any of its investment in Xanadu for years. Mills said it expects to write off its full investment in Xanadu during the quarter in which the deal with Colony is finanlized.

    Founded in 1991 by Thomas J. Barrack Jr., Colony is a private, international investment firm focusing primarily on real estate-related assets, securities and operating companies. The firm has invested approximately $20 billion in over 8,000 assets through various corporate, portfolio and complex property transactions. Colony has a staff of more than 160 and is headquartered in Los Angeles, with offices in Beirut, Boston, Hawaii, Hong Kong, London, Madrid, New York, Paris, Rome, Seoul, Shanghai, Taipei, and Tokyo.

    Contributed Matthew Futterman

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    GlobeSt.com

    Last updated: September 21, 2006 10:51am

    Mills’ Xanadu Financing Date Delayed

    By Ian Ritter

    (Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

    EAST RUTHERFORD, NJ-Today’s expected closing date of construction financing for the Mills Corp.’s Meadowlands Xanadu project here is delayed until Sept. 27. Los Angeles-based Colony Capital Acquisitions and Germany’s Kan Am USA Management are providing the funds for the $2-billion retail-entertainment center.

    Under the terms of the deal, Colony will invest up to $500 million in equity capital and arrange for construction financing for the rest of the projected $2-billion cost. Kan Am is Mills’ long-term financial joint-venture partner on projects around the country.

    Chevy Chase, MD-based Mills’ management also says it expect to close a deal by the end of the month to sell its foreign holdings to Canada-based mall owner Ivanhoe Cambridge during or before the first week of next month. That $981-million deal involves the sale of Vaughan (Ontario) Mills; St. Enoch Centre, in Glasgow, Scotland; and Madrid (Spain) Xanadú.

    Mills has been selling assets since the company came under fire last year for accounting irregularities, an SEC investigation, higher-than-projected development costs, and other issues. Since that time, the firm has put itself up for sale and let go about 160 employees.

    In June, Mills, the owner of 42 centers in North America and Europe, announced that it had received “interest from a variety of parties” in acquiring the company. Most recently management said that it has started work on the construction of the 265,000-sf retail portion of 108 North State St., a mixed-use development in Chicago.

    Copyright © 2006 ALM Properties, Inc.

  15. #15

    Default xanadu sold

    Looks like Colony Capital has a larger share of the project now.

    http://www.globest.com/news/776_776/.../150416-1.html

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