Xanadu Breaks Ground on 29th September

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25 January 2005

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August 9 (SnowHunter)--The Mills Corporation, leading developer of innovative retail and entertainment destinations, today announced a September 29, 2004 groundbreaking for Meadowlands Xanadu in New Jersey, USA.

Following on from the company's completion of the Madrid Xanadu last year, it is hoped that this new development will house the first US indoor snowdome.Â¥

The sports, leisure, family entertainment and shopping complex in the United States - with an office and hotel component - will be built at the Meadowlands Sports Complex in East Rutherford, New Jersey. The development is being created by The Mills Corporation, in partnership with Mack-Cali Realty Corporation (CLI) and Kan Am, and in cooperation with the New Jersey Sports and Exposition Authority.

The Mills Chairman and Chief Executive Officer Laurence C. Siegel said, "Meadowlands Xanadu is well on its way to becoming a reality. At the groundbreaking ceremony, we will announce in grand style what we view to be the greatest collection of sponsors and major tenants from world-class media, entertainment, sports and retailing brands to ever co-locate at a single venue."

Kan Am, which has pledged $250 million in equity, already has funded $125 million. "More than $100 million has come in since the beginning of the second quarter, at a rate of nearly $1 million per day," said James Braithwaite, President, Kan Am Realty, Inc. "This is the most successful raise in the 26-year history of our Kan Am closed-end funds and demonstrates the level of investor confidence in this world-class project."

Mitchell E. Hersh, President and Chief Executive Officer of Mack-Cali, commented, "Today's announcement clearly demonstrates the progress of this unique project. We look forward to attracting leading businesses to Meadowlands Xanadu through our development of prime office and hotel space."

New Jersey Sports and Exposition Authority Chairman Carl Goldberg said, "The Meadowlands Xanadu groundbreaking will be the culmination of years of hard work that ultimately will lead to making the Meadowlands Sports Complex one of the country's premier sports and entertainment destinations."