New Jersey
American Dream coming too late for Super Bowl?
The long-stalled American Dream mall project in the Meadowlands failed to resume construction in January as predicted by Gov. Chris Christie, and could in fact not be open in time for the Super Bowl at nearby MetLife Stadium next year, various news outlets reported. Initial construction on the 4.8 million-square foot project, then known as Meadowlands Xanadu, began in 2004. Plans called for a project with entertainment venues, outdoor amusements, a hotel, office space, retail and even indoor skiing. But the project was delayed, and the site had sat mostly dormant since full-time construction was suspended at the site in 2009. Christie announced in 2010 that Triple Five, the owners of Mall of America in Minneapolis, would take over the project and have it ready for the 2014 Super Bowl at the MetLife Stadium, where the Jets and Giants play, the Bergen Record reported. One reason for the construction holdup could be a lawsuit filed in June by the Giants and Jets seeking to keep the mall closed on game days. Last month, Christie said he believes a deal is nearing between Triple Five and the football teams, according to a story in the Record. “I’m hoping we’re going to get that done very quickly,” he said.
Long Island
South Shore home sales drop post-Sandy: Report
The number of home sales on Long Island’s hurricane-ravaged South Shore dropped in the fourth quarter, while North Shore sales and prices increased, Newsday reported. Real estate transactions on Nassau County’s South Shore declined by 2.5 percent in the last three months of 2012, compared to the same period a year earlier, according to data from brokerage Douglas Elliman. That time period includes Oct. 29, the day Hurricane Sandy struck the island, causing widespread destruction and damage to homes. Since then, sales have been delayed as lenders await new appraisals, Newsday reported. In the overall Long Island market, however, the median home price rose 3.2 percent to $350,000 in the fourth quarter, up from the same period of 2011. On Nassau County’s North Shore, the fourth quarter saw 27.7 percent more home sales than the same period of 2011. That uptick is due in part to sellers rushing to close deals on luxury homes by the end of 2012 to avoid rising capital gains taxes, Newsday said.
Connecticut
UConn campus set to move Downtown
Gov. Dannel Malloy last month announced a $2.1 billion plan to invest in programs and infrastructure at the University of Connecticut, including $70 million to relocate UConn’s West Hartford campus to downtown Hartford, the Hartford Business Journal reported. UConn issued a request for proposals seeking 150,000 square feet of space and 850 parking spaces from downtown landlords and property owners. The school had originally targeted the Travelers Education Center at 200 Constitution Plaza for relocation, but that site was found to have asbestos and space constraints. The empty 103,000-square-foot office building at One Talcott Plaza could now be the front-runner for relocation, the Journal reported. A deal could involve UConn buying that building and constructing an additional office near the site, but no plans have been finalized. Malloy also announced plans to expand UConn’s Stamford campus.