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SBD/Issue 165/Facilities & Venues
New Jersey Sore: Xanadu Postpones Opening Until Summer '09
Published May 16, 2008
Developers of the $2B Xanadu project Thursday said that the debut of the facility "has been pushed back until next summer," according to Maura McDermott of the Newark STAR-LEDGER. The builders earlier this month said that Xanadu would open this November. Xanadu President Larry Siegel in a statement said that the delay is "due to interior construction work required by tenants." But consultant firm Davidowitz & Associates President Howard Davidowitz said that he "believes the slumping retail economy is hurting Xanadu's efforts to attract tenants." Xanadu developers, however, insisted that retailers are "still as eager as ever to snap up space." Meanwhile, Siegel also said that "new stores had signed on to the project," including sportswear company Adrenalina, the Cheescake Factory and clothing stores Guess and Zara. About 60% of Xanadu's storefront space is leased, and Xanadu spokesperson Lloyd Kaplan said that the complex "aims to have [225-250] tenants altogether" (Newark STAR-LEDGER, 5/16). Real estate firm Goldstein Group President Chuck Lanyard: "I would say that probably what's happening here is more a sign of the times than it is a sign of Xanadu's problems. With the economic slowdown that we're experiencing, they probably need more time to bring these anchors in and do some more negotiating" (Bergen RECORD, 5/16).
|Developers Push Back Debut Of Xanadu Until Next Summer|