Mall of America Developer Interested in Xanadu

The developer behind the Mall of America in Minnesota and the West Edmonton Mall in Canada is now interested in re-developing the Xanadu project in New Jersey's Meadowlands. Triple Five has signed a letter of intent with the lenders of the property.

Spokeswoman Maureen Bausch says the goal is to redevelop the area into a world-class retail and entertainment complex. "We're very confident that this project will be every bit as successful as those two centers, and probably even more so because of the population base surrounding the site," she said.

Bausch said the Meadowlands is the perfect area for the type of project the company is envisioning. The company says it will create thousands of jobs and "significant revenue" for the state of New Jersey.

The Xanadu project, envisioned as a huge mall and entertainment complex, was originally set to open in 2007. Triple Five says it will seek community input on a new name.