TRENTON – Senate President Richard J. Codey (D-Essex) released the following statement today regarding news that Colony Capital and KanAm have taken over as lead investors of the Xanadu project at the Meadowlands from struggling Mills Corp:
“We have said all along that Mills Corp. was not capable of completing this project and clearly we were right. In light of today’s announcement, the New Jersey Sports and Exposition Authority should investigate this transaction fully to make sure that these new entities can in fact complete this project. If they can, it will be a tremendous plus.
“It’s time to get this project completed and make sure that this new company can fulfill the promises made to the people of New Jersey, especially in terms of the mix of retail and entertainment components that have been promised. We need to make sure that Xanadu does not become just another mall.”