Proponents of building a convention center in New Jersey’s Meadowlands have released the latest design details and an economic analysis of the project, which now carries an estimated price tag of $3 billion.
The Meadowlands Chamber, the sponsor and project lead on the complex, on Tuesday issued results of a “scoping” study by convention center planners on the proposed new use of the former site of the Izod Center Arena in East Rutherford.
The chamber roughly three years ago made a recommendation that a convention center be built at the Meadowlands Sports Complex, home to MetLife Stadium and adjacent to the American Dream megamall. The projected cost then was $1.6 billion.
The latest study by Hunden Partners, a project management company based in Chicago, backs up the argument originally made in support of the North Jersey facility: that the New York metropolitan region remains underserved for large-scale meeting and convention space, positioning the Meadowlands as a cost-effective alternative that can attract new events while complementing existing venues.
“This is no longer a conceptual conversation,” James Kirkos, president and CEO of the Meadowlands Chamber, said in a statement. “The design is complete, the market demand is clear, and the remaining analysis will be finalized this spring. We’ve put a serious, credible development option on the table, positioning the state to determine next steps early in the incoming administration.”
The new plan does vary somewhat from the original one the chamber discussed. It calls for the following: a 300,000-square-foot exhibit hall that can be divided into three spaces; a 60,000-quare-foot main ballroom; 100,000 square feet of meeting space with 75 breakout rooms; a 6,000-seat flexible arena; a 1,000-room headquarters hotel; a 70,000-square-foot outdoor terrace; and 2,000 structured parking spaces.
In 2023, the proposal was for a 460,000-square-foot convention facility that would include 300,000 square feet of flexible exhibition space; 100,000 square feet of meeting space; and 60,000 square feet of banquet space. That proposal also recommended an 805,000-square-foot headquarters hotel, a 700-room luxury hotel and a 500-room select-service hotel.
The chamber, with the support of state Sen. Paul Sarlo, plans to present the results of the scoping study to New Jersey Gov. Mikie Sherrill in a month or so.
Hunden’s market and economic analysis projected that a convention center would host about 313 events annually and attract 2.1 million attendees, generating an estimated $30.4 billion in net new economic activity and $3.03 billion in tax revenue over 30 years.
Final traffic recommendations and an organizational and financial operating model are expected by May, along with a construction budget and financial strategy to guide next-phase decision-making.