Can A Failed Mega-Mall Un-Fail?

Officials in New Jersey are planning to revive a stalled megamall project called Xanadu. The New York Times asks a panel of experts whether the plan should move forward.

1 minute read

May 5, 2011, 9:00 AM PDT

By Nate Berg

"Gov. Chris Christie has reached a deal with a private developer (the third, after the first two developers failed) to pour $1 billion into the project to revive and expand it.

The state would provide $180 million to $200 million in low-interest financing to the developer, which operates the Mall of America, and forgo a similar amount in future sales-tax revenue. Critics are questioning why Mr. Christie, who crusaded against government giveaways, would risk so much money to bail out out the troubled development."

Of the five panelists submitting responses, none say the project should be saved.

FULL STORY: Is a Failed Megamall Worth Saving?

Monday, May 2, 2011 in The New York Times

Community / Economic Development Government / Politics New Jersey Malls Megamalls

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