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Mall Of America Owner Eyes Troubled NJ Complex

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The Xanadu entertainment complex and the Izod Center are seen at the Meadowlands from Chopper 880 - East Rutherford, NJ - Jul 21, 2010 - Photo: Tom Kaminski / WCBS 880

The Xanadu entertainment complex and the Izod Center are seen at the Meadowlands from Chopper 880 – East Rutherford, NJ – Photo: Tom Kaminski / WCBS 880

EAST RUTHERFORD, N.J. (AP) — The company that owns Mall of America now has its eye on a massive, troubled retail and entertainment complex in northern New Jersey.

Triple Five, which owns the Mall of America in Minnesota and the West Edmonton Mall in Canada, announced Thursday that it has signed a letter of intent with the lenders of Xanadu to develop the 2.3 million square-foot complex in the Meadowlands.

New Jersey Gov. Chris Christie welcomed the move, saying he has delivered on a promise to revitalize the sprawling $2 billion complex originally slated to open in late 2007.

Two other companies have previously had control of the project.

Officials at Triple Five say they hope to transform the site into a premier retail, tourism and entertainment destination.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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