In previous posts I have covered the trials of the Xanadu shopping center/entertainment complex in the New Jersey Meadowlands. Beset by bad timing, financing troubles, negative public reaction the facility is an example of the perils of government-induced investment.
A new developer will invest $1 billion, and the state of New Jersey has agreed to throw in $200 million in tax breaks to complete the project. To date the development has received $900 million in subsidies and tax breaks. The new owner has changed Xanadu’s name to “The American Dream” and plans to install a water park. The new opening date is scheduled for the fall of 2013.