New Jersey has been looking at a mammoth of a mall coming there for some time. The mall, Xanadu, if completed would be the biggest mall in America. The promise of an era of prosperity with the world’s super mall it seems has fallen through. It seems that the major investor, Lehman Brothers, pulled out and their $500 million went with it. Unfortunately, Lehman Brothers went belly up in 2008.
Since that has happened a new investor with new money is needed. But, that’s another hurdle that the project must jump as the property and what it has to offer gets older and older. The idea of the largest ferris wheel, bowling alleys an indoor ski slope, and a diving simulator seem fun and popular, but the idea of an indoor mall in comparison to opening an outdoor shopping center is not attractive.
Potential investors want to see something totally new, not something that used to be new. The indoor ski slope would work in an area of the country where there isn’t snow, but there’s natural skiing just a hop skip away. The Ferris wheel would offer a view of Secaucus, Teeterboro airport and the New Jersey Turnpike and that does not sound attractive to those who live around there.
Xanadu’s construction is also lost in the 70s with its appearance. In other words, the project has taken entirely too long to get off the ground and it’s in need of a face lift. Any takers? Read more here on how you can save the Olivia Newton John name inspired mall.