Xanadu

Xanadu

Parties are moving toward finalizing an agreement on the stalled Xanadu entertainment and retail complex in the Meadowlands, according to Jon F. Hanson, chair of a Chris Christie-appointed commission on gaming, sports and entertainment, which is representing the state in the negotiations.

“I’m hopeful by the end of the month there will be a resolution of various outstanding items on the Xanadu project,” he said.

Multiple sources told Grapevine that an official announcement on the project has been tentatively scheduled for April 28, possibly inside the Xanadu building.

Maureen Bausch, a spokeswoman for Triple Five, the Canadian conglomerate that signed a letter of intent to take over Xanadu last December, said negotiating an agreement with the lender group — which took back the project from the previous owner, Colony Capital, last summer — has been “very complicated and long,” but not unusual. “These things take time.”

Since the beginning of the year, Triple Five has been working on the name, interior and exterior design plans and tenant mix of Xanadu, among other issues, according to Bausch.

Xanadu