New developer to nix Xanadu name

December 27, 2010 08:49AM

Xanadu, the stalled, brightly-colored entertainment and retail project in the Meadowlands that was taken over by its lenders in August, has a tentative new development partner that plans to change its name. According to the Wall Street Journal, Mall of America developer Triple Five, which announced its agreement to invest in the troubled project last week, will release specific plans for the site after the New Year. But Maureen Bausch, a vice president at the company, called the location “just unbelievable” and said that although “the name has to be changed,” Triple Five has already “talked to some of [its] favorite retailers” about joining the complex. Not everyone was convinced, however: Donald Trump told the Journal that he withdrew his bid on the project earlier this month because “it is a very tough deal at any price.” Triple Five’s investment would come on top of the $1.9 billion two previous owners have already put into the unfinished complex, which is set to include an indoor ski slope, Ferris wheel and bowling alley in addition to restaurants, shops and theaters. Bidders have estimated that the complex would need a $700 million to $1 billion shot in the arm to complete, and sources said that under the agreement with Triple Five, Xanadu’s lenders wouldn’t be receiving an up-front payment. [WSJ]