Regions Northeast
Nov 8, 2007
By: Adam Perrotta, News Writer
Donald Trump's Trump Organization has announced plans to take the reins of a struggling New Jersey mixed-use development.
Trump will take over the Meadowlands EnCap golf and housing project, located in the northern part of the state, under the terms of a binding term sheet that Trump reportedly signed yesterday.
The project was originally begun in 1999, when EnCap Golf Holdings was given approval by the New Jersey Meadowlands Commission to redevelop the 800-acre site, which had previously been a landfill.
EnCap's plan called for the development of two golf courses and some 2,000 residential units. However, the project was plagued by several financing and regulatory bumps along the way. The problems came to a head in June, when the Meadowlands Commission ruled that EnCap's involvement in the project would be terminated unless the firm remedied several environmental violations and paid $15 million in fines and security.
A report in the Bergen County Record quoted a spokesman for Cherokee Investment Partners--which acquired EnCap Golf Holdings in 2000--as confirming that the Trump Organization will take "complete operational management" of the project.
Trump's vision for the development is a bit different from EnCap's original plan, according to the report, which said that the revised project would also include office, hotel and retail components in addition to the golf and residential components.
By: Adam Perrotta, News Writer
Donald Trump's Trump Organization has announced plans to take the reins of a struggling New Jersey mixed-use development.Trump will take over the Meadowlands EnCap golf and housing project, located in the northern part of the state, under the terms of a binding term sheet that Trump reportedly signed yesterday.
The project was originally begun in 1999, when EnCap Golf Holdings was given approval by the New Jersey Meadowlands Commission to redevelop the 800-acre site, which had previously been a landfill.
EnCap's plan called for the development of two golf courses and some 2,000 residential units. However, the project was plagued by several financing and regulatory bumps along the way. The problems came to a head in June, when the Meadowlands Commission ruled that EnCap's involvement in the project would be terminated unless the firm remedied several environmental violations and paid $15 million in fines and security.
A report in the Bergen County Record quoted a spokesman for Cherokee Investment Partners--which acquired EnCap Golf Holdings in 2000--as confirming that the Trump Organization will take "complete operational management" of the project.
Trump's vision for the development is a bit different from EnCap's original plan, according to the report, which said that the revised project would also include office, hotel and retail components in addition to the golf and residential components.
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