BY REBECCA SHEEHAN

NEWJERSEYNEWSROOM.COM

Remember the Xanadu mall project that was to be built on the grounds of the Meadowlands years ago? I am sure everyone in the Garden State remembers that monstrosity of a project. Anyhow, Xanadu is no longer, and now Triple Five of Edmonton, Canada is took control of the long-abandoned property and American Dream is now in the works.

On Wednesday, Triple Five officially took control of the property from its creditors and originally acquired the empty Meadowlands mall from a consortium of lenders back in 2010. According to Triple Five spokesman Alan Marcus, who wouldn’t disclose the terms of the agreement said, “It’s yet another positive step. It allows us to go forward in a number of other areas.”

Marcus although very positive about the big step forward in production would not disclose any details regarding what retail outlets had agreed to lease space in the mall.

Triple Five has been in a heated battle with their Meadowlands neighbors – the New York Giants and Jets football teams.  The local teams sued to stop the 639,000 square feet of amusement and water park portions of the project from moving forward on grounds it would exacerbate game day gridlock. According to an article by NorthJersey.com, the plan to open the amusement and water parks during game days violates a 2006 agreement between the previous developer and the Giants and Jets. Looking to settle, both parties are due in Bergen County Superior Court in Hackensack on Aug. 23 for a hearing-the latest in a long legal battle.

The 2.2-million-square-foot complex —American Dream — originally was approved in 2003 and was slated to in 2007. 2007 came and went with no grand opening of the American Dream mall then work stopped in 2009 after some of the lenders went bankrupt. According to a report by the Wall Street Journal, Marcus and Triple Five are hoping to have a groundbreaking on the renewed project in late August.