The multibillion-dollar Xanadu recreational/retail project on Route 3 may not open this August as scheduled, according to published reports, because of the economy. One of the lenders has defaulted on a loan, setting back construction, a spokesman for the project told Reuters.
The project has been expected to bring thousands of jobs to the area, as well as an indoor ski slope, chain restaurants, movie theaters, and an aquarium. Read our recent coverage HERE.
The project is in East Rutherford, but close enough to Hudson County to have an impact.
Here is this week’s Reuters coverage.