SBD/April 29, 2011/Facilities

Facility Notes

Developer looking to expand, rename Xanadu development
In N.Y., Bagli & Perez-Pena cite sources as saying that New Jersey Gov. Chris Christie and the developers of the Mall of America “have struck a deal to pour in $1 billion more in hopes of reviving the oft-ridiculed Xanadu Meadowlands complex.” The deal with the state gives developer Triple Five “until the end of the year to arrange all the financing for the project,” but is not clear “when construction would resume, or when the mall would open.” The developers “would not only complete the 2.4-million-square-foot retail and entertainment center, but also greatly expand it, rename it and slap new skin on its reviled exterior.” Triple Five would “christen Xanadu as American Dream@Meadowlands.” The company also would “add a large indoor water park and a skating rink and keep the 600-foot indoor ski slope” (N.Y. TIMES, 4/29). The property “remains prime real estate.” Located “about 10 miles west of New York City, it is next to the Izod Center and across a highway from" New Meadowlands Stadium, which is slated to host the '14 Super Bowl (AP, 4/28).

NOT DROPPING A DIME: Univ. of Kentucky officials on Thursday said that new scoreboards and a sound system for Commonwealth Stadium “will be financed by private funds and will not use a low-interest loan from the university.” In Kentucky, Cheryl Truman notes the school “dropped a plan to give the UK Athletics Association a $3.1 million loan to help it install the $6.25 million project after intense criticism from UK faculty and staff members.” The project will “now be financed entirely by private funds, including a withdrawal of up to $4.6 million from an athletics department endowment fund.” The additional $1.65M “will come from Athletics Association funds raised from private donors” (LEXINGTON HERALD-LEADER, 4/29).

MOODY MOMENTUM: Southern Methodist Univ. officials on Thursday announced that the school “has secured another $10 million toward the planned Moody Coliseum expansion and renovations.” In Dallas, Kate Hairopoulos noted former SMU basketball player David Miller and his wife, Carolyn, “have committed the gift.” A “lead gift of $20 million toward the project from the Moody Foundation was announced last week.” SMU expects the “total project to cost $40 million” (DALLASNEWS.com, 4/28).
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