Facility Notes

Real Capital Analytics Listing Meadowlands Xanadu On Its "Troubled Assets Radar"

In New Jersey, Brennan & Tangel report real estate research firm Real Capital Analytics (RCA) has listed the Meadowlands Xanadu project on its "Troubled Assets Radar," though RCA Managing Dir Dan Fasulo said that the "long-term outlook for Xanadu is far brighter than the fate of other projects on that list." Real Estate Finance & Investment last week reported that Xanadu not only "will not open in 2009, but that the project would open only in stages in 2010." Xanadu developers "have conceded that an opening later this year would be difficult given the economic climate, but a full-blown opening next spring has been contemplated" (Bergen RECORD, 4/29).

MAKING A POINT: In Orlando, Beth Kassab reports the NAACP is "crying foul over the way jobs are being awarded at the construction site" for the new $480M Magic arena. The group "staged two protests Tuesday, one at City Hall and the other outside" Amway Arena prior to the start of 76ers-Magic Eastern Conference Quarterfinals Game Five. But Kassab writes the protests are "off-base -- at least at this stage of the project," as the team is "on track to meet or exceed the goal of awarding 24[%] of contract dollars to women or minority-owned firms." Magic VP/Communications Joel Glass said that a total of $77.8M, or 34%, of the dollars awarded so far "have gone to local minority or women business enterprises" (ORLANDO SENTINEL, 4/29).

COMMUNITY SERVICE: In Pittsburgh, Andrew Conte reports the Steelers yesterday announced plans to "pay $300,000 over six years to help redevelop Allegheny Commons, the North Side park that sits within blocks of Heinz Field and the family home" of Steelers Chair Dan Rooney. The team "will receive tax breaks for its donation" (Pittsburgh TRIBUNE-REVIEW, 4/29).

MISSED PAYMENT: In Ft. Lauderdale, Sarah Talalay reported the VIP lobby at AmericanAirlines Arena "has been stripped" of Stanford Financial logos, which have been replaced with "generic Heat logos." Heat President of Business Operations Eric Woolworth said that a "missed payment led to cancellation of the deal, which he said had an additional year to run" (SUN-SENTINEL.com, 4/28).