Mills Corp. and Mack-Cali sign deal to create 4.76m s/f Meadowlands sport and leisure arena.The Mills Corporation/Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation project will transform the Meadowlands into the country's foremost destination for sports, entertainment, recreation and office facilities in East Rutherford, NJ. A joint venture between affiliates of The Mills Corporation The Mills Corporation was a publicly traded real estate investment trust headquartered in Chevy Chase, Maryland, United States, acquired on April 3, 2007 by an investment group comprised of Simon Property Group and Farallon Capital Management. and Mack-Cali Realty Corporation today signed an agreement with the New Jersey Sports and Exposition Authority The New Jersey Sports and Exposition Authority (NJSEA) is a regulatory agency established by the State of New Jersey in 1971 to oversee the Meadowlands Sports Complex. Its first chairman was David A. "Sonny" Werblin. for the redevelopment of the Continental Airlines Arena site and the construction of Meadowlands Xanadu This article or section contains information about expected future buildings or structures. Some or all of this information may be speculative, and the content may change as building construction begins. , the 4.76 million-square-foot family entertainment, office and hotel complex to be built at the Meadowlands Sports Complex The Meadowlands Sports Complex is a sports and entertainment facility located in East Rutherford, New Jersey owned and operated by the New Jersey Sports and Exposition Authority (NJSEA). . The family entertainment component of Meadowlands Xanadu will open about two years after the groundbreaking. Meadowlands Xanadu will feature the nation's first indoor Alpine ski Alpine Ski is an Alpine skiing arcade game, released by Taito in 1981. Description The player controls a skier, who can move left, right, or increase forward speed. resort and an indoor mini-Formula One style racing venue. Other planned uses include a minor-league baseball stadium, an extreme sports extreme sports Sports events characterized by high speed or high risk. Such sports include aggressive inline skating, wakeboarding, street luge, skateboarding, and freestyle bicycle events (wherein tricks such as back flips are performed on a bicycle). park, a grand movie palace and a small-format live entertainment venue. Mills Chairman and Chief Executive Officer Laurence C. Siegel said, "Meadowlands Xanadu will set a new standard for bringing lifestyle, recreation, sports and family entertainment offerings together in one location." Mack-Cali Realty Corporation will be the lead developer for the 2.2 million-square-foot office and hotel component of the project. Mitchell E. Hersh, Chief Executive Officer of Mack-Cali, said, "Mack-Cali has a long history of developing premier office properties. We're confident that the high-quality office space and state-of-the-art hotel and conference center that we will build at Xanadu will attract top-tier businesses to the Meadowlands, benefiting both the complex and the Northern New Jersey region." The office and hotel components of the project will consist of four 14-story, 440,000 square-foot class A office buildings and a 520-room hotel with conference facilities. Kan Am, a Munich-based investment advisory company, will be an investment partner of The Mills Corporation in the project. The Meadowlands Xanadu project is expected to generate 20,000 permanent jobs in New Jersey--translating into $1.24 billion in personal income annually--and 19,000 construction and related jobs--equal to $1.17 billion in annual personal income. The project is estimated to produce $133 million annually in state and local tax revenue. |
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