EDR Joins Storrs Center Project Team

Storrs, Conn. — LeylandAlliance and EDR will develop the first two phases of the Storrs Center mixed-use project.

 

Storrs, Conn. — Tuxedo, N.Y.-based LeylandAlliance has entered into a definitive agreement with Education Realty Trust (NYSE: EDR) to develop the first two phases of the Storrs Center mixed-use project. Located adjacent to the University of Connecticut in Storrs, the first two phases will contain 290 luxury apartments over 70,000 square feet of ground-floor retail and restaurant space.

Residences will consist of a mix of studio through three-bedroom units with condo-quality finishes that include wood floors, stainless steel appliances and granite countertops. The units will be primarily marketed to graduate students, staff and alumni of the university. Commercial tenants already signed on include Moe's Southwest Grill, Vanilla Bean Café, Cosimo's Italian Restaurant, Select Physical Therapy, Wings Over Storrs, Storrs Automotive and Insomnia Cookies. EDR will develop, own and manage the apartments, and LeylandAlliance will own and manage the retail component.

At full build-out, Storrs Center will contain $220 million in new development. The project will be built in a town center style and will contain residential, retail, restaurant and office space. Other features will include a network of pedestrian walkways, green spaces and conservation areas. The first two phases will be delivered in 2012 and 2013, respectively.

— Coleman Wood

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