Miami Dolphins owner Steve Ross’ habit of investing in distressed and complicated properties continues.
Ross’ Related Cos., is working on how to salvage the massive stalled Xanadu retail and entertainment complex in the Meadowlands Sports Complex in East Rutherford, New Jersey.
Last month during the annual International Council of Shopping Centers in Las Vegas, Related invited potential tenants to view renderings and videos of and talk about taking up residence in the $2 billion, 2.3 million-square-foot complex.
The Mills Corp. planned the complex to contain 200 retail tenants and attractions, including movie theaters and an indoor snow park, but the project ground to a halt after payments were missed and funding ran out.
Related developed the Time Warner Center residential and retail complex in Columbus Circle in Manhattan and has the development rights to Hudson Yards on that city's west side.
Ross, CEO of Related, hasn’t said much publicly about his involvement in the Meadowlands project, but confirmed his company is seriously investigating how to make it successful.
“We’re right now working on the feasibility and trying to put it all together to make sure it works,” Ross told me. “But we have a deal to really be the developer of Xanadu and now it’s a question of how we put it together and get it financed.”
If his company can pull it off, the complex could open well before the neighboring New Meadowlands Stadium hosts the Super Bowl in 2014. Ross' Sun Life Stadium was an unsuccessful bidder for that game, but Ross could still benefit from the NFL's first outdoor, cold-weather Super Bowl. A completed formerly-named Xanadu could see a windfall with so many visitors in the area for the NFL’s championship game.